AUD Trading Outlook
Australian Dollar (AUD) the AUD/USD has enjoyed solid gains back above 1.0400 and closing at 1.0450 as risk appetite picks up and Gold and Oil surge higher. The next big risk event is the weekend release of China’s HSBC PMI. Looking ahead, HSBC PMI previously at 47.8.
Australian Dollar (AUD) the AUD/USD rallied off fresh week lows under 1.0350 and is sitting just under the previous support at 1.0380 and is looking to stock markets and the RBA rate meeting next week for fresh direction. Most economists see the RBA cutting rates but there is far from a consensus with some seeing the RBA on hold. Looking ahead, no data today.
Australian Dollar (AUD) the AUD/USD bounced to 1.0460 before the sellers took commodity currency lower to fresh week lows under 1.0400. The longer term outlook is for losses if the RBA cuts rates next Tuesday. Looking ahead, no economic data.
Australian Dollar (AUD) the AUD/USD is pushing lower back towards last week lows falling under 1.0400 briefly as commodities around the world fall and China sentiment remains soft. We are seeing some support on the dips but a lot more interest to sell rallies with analysts seeing a bumpy road for the risk sensitive commodity linked currency ahead.
Australian Dollar (AUD) the AUD/USD is struggling to maintain the positive momentum from the previous week and we found ourselves on the back foot for most of last week and we finished offered at 1.0450 after failing at 1.0500. The pro risk rally in US stocks and commodities is helping support the Aussie but the sharp slowdown in China is giving plenty of reasons to sell from these levels.
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