AUD Trading Outlook
Australian Dollar (AUD) the AUD/USD is quietly grinding higher with the stronger stocks and commodities. Resistance at 1.0080 was broken in Asia today and we are testing 1.0120-40 resistance in Europe. The outlook is for more gains if sentiment remains positive with the Australian economy still outperforming the rest of the world. Looking ahead, no economic data.
Australian Dollar (AUD) the AUD/USD grinded higher from 1.0000 to 1.0080 test but the market is cautious to get ahead of itself on the long side ahead of the ECB meeting which could disappoint and drag the Euro and global stocks lower. China is another big issue for the AUD/USD with the recent slowdown potentially snowballing into a bigger problem than first hoped. Looking ahead, no major economic data releases.
Australian Dollar (AUD) the large falls in Global stock markets on Monday weighed on the AUD/USD which is a traditional risk currency. The key 1.0000 level was broken in US trade and support was found at 0.9970. The outlook is mixed with the recent rally now under threat and whether we close under 1.0000 is key for this week’s trade. Looking ahead, no major economic data releases.
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