I’m looking for selling opportunities on AUD/USD after the unemployment rate ticked higher and Chinese trade balance fell below expectations, this caused AUD/USD to fall below 0.9400 overnight.
You could look to short this pair around 0.9400 to 0.9430 area with a profit target around 0.9350 and a SL at 0.9460.
Overall Bias on this trade
This trade is a shorter term sentiment position based off Australian and Chinese data overnight. I remain bullish on AUD in the long term but feel that 0.9500 may provide a solid cap for the price action for now, mainly because the RBA have left rates unchanged and gave the market a neutral tone, basically saying they aren’t going to cut rates but they aren’t going to raise them either.
If the price falls down to 0.9300 – 0.9200 I expect the price to be supported, so these would be good prices to buy AUD/USD for a longer term trade.
At no time should anyone view the information presented anywhere on this website as advice, recommendation or proven. Everything reflected is merely opinion and may not be accurate. The purpose of the site is to express the opinions and views of Jarratt Davis. There is no intention to offer specific help, advice or suggestions to anyone reading any of the content posted here.
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