AUD Trading Outlook
Australian Dollar (AUD) the AUD/USD underperformed in the risk rally as December Unemployment shocked at -29k vs. +10k forecast. The EUR/AUD leapt at the opportunity to move 200 pips higher off all-time lows. The market has been selling the EUR/AUD for months and the unwind could be brutal in coming days. Looking ahead, Chinese HSBC PMI previously at 48.7.
Australian Dollar (AUD) the Aussie managed to break above the 200 day SMA overnight but failed to close above the key technical indicator. The Chinese GDP data underpinned the move higher and is looking to move higher now the recent range has been broken. Unemployment data tomorrow is the main risk event for the week. AUD/JPY is looking to break above Y80 but requires the help of USD/JPY.
Australian Dollar (AUD) the Aussie managed to break above the 200 day SMA overnight but failed to close above the key technical indicator. The Chinese GDP data underpinned the move higher and is looking to move higher now the recent range has been broken. Unemployment data tomorrow is the main risk event for the week. AUD/JPY is looking to break above Y80 but requires the help of USD/JPY.
Australian Dollar (AUD) the Aussie continues to receive support on dips but is not breaking to the topside. Traders suggest a move above the 200day moving average at 1.0400 would support the AUD/USD and could put 1.10 back on the table. Commodities led by Gold and Oil are expected to do well going forward and are part of the bullish Aussie story. More important in the short term and we have a raft of Chinese data today that may inspire fresh movement. Looking ahead, Q4 Chinese GDP forecast at 8.7% vs. 9.1% previously.
Australian Dollar (AUD) did very well to hold up closing above 1.0300 and surprising many with the strength seen in recent days. EUR/AUD hit fresh all-time lows near 1.2250 and is continuing to trend lower in extremely oversold territory. Looking ahead the global stock markets will direct the next AUD/USD movement.
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