AUD Trading Outlook
Australian Dollar (AUD) the AUD/USD hit new month lows near 1.0300 before rebounding with the change of mood in US trade. The outlook is negative with the China slowdown story a main theme. On the weekend we see the March Chinese PMI’s released and this will help set the mood for next week.
Australian Dollar (AUD) the AUD/USD is struggling to hold ground with the constant focus on China growth affecting sentiment and creating a new downtrend. Overnight the 200 day moving average was broken and we closed underneath. This is a classic sign of a fresh longer term trend and very disconcerting for those who built up longs earlier in the year.
Australian Dollar (AUD) the AUD/USD moved up to 1.0550 in European session in line with the EUR/USD move higher but when selling came in later the market sold the Aussie hardest and we saw the EUR/AUD and GBP/AUD unwind for further gains. The 200 Day moving average is found at 1.0400 and is a traditional trend indicator.
Australian Dollar (AUD) the AUD/USD buyers are cautious although we broke above the 1.0500 with last week China related selling still fresh in trader’s minds. The AUD/JPY is on the rally and will support if a fresh stock rally begins from Bernanke’s comments. Looking ahead, RBA Governor Speaks to Parliament.
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