AUD Trading Outlook
Australian Dollar (AUD) the AUD/USD moved back above 1.0500 but did match the gains of other majors with some slight hesitation to buy Aussie with the recent weakness still fresh in the traders minds. EUR/AUD and GBP/AUD both continued to push higher and could be the cause of the AUD/USD underperformance.
Australian Dollar (AUD) the AUD/USD fell to new week lows near 1.0460 overnight but was supported by strong US stocks and finished back at 1.0500 in mixed day of trade. The outlook is not clear but major downside will be hard without some US stock losses or a major downturn in the China economy. AUD/JPY is sitting just under Y83 and could break higher on the USD/JPY moves with Y85 and Y88 big targets over the last 12 months.
Australian Dollar (AUD) the AUD/USD is struggling this week breaking down below 1.0500 supports overnight as profit takers took control. The uptrend is still in play and it is healthy to have the market correct lower but as is always the case reversals and downtrends begin with corrections. Support is seen at 1.0450-1.0380 area and the 200DMA is still significantly further away at 1.0300. EUR/AUD and GBP/AUD are both surging higher and threatening to break uptrends. Update August Australian Consumer Sentiment at -2.5% vs. 3.7% previously.
Australian Dollar (AUD) the AUD/USD was under pressure as it became clear no Chinese stimulus was coming imminently and US stocks eased later in the day which added to the Aussie weakness. Support was once again found at 1.0500 where dip buyers emerged looking for the uptrend to continue. Looking ahead, July NAB Business Confidence previously at -3.
Australian Dollar (AUD) the AUD/USD was hit hard by the Chinese data misses but support was found at 1.0500 and we later reversed on Rumors of a weekend RRR Rate Cut from China. With nothing announced we have seen the AUD/USD slightly pressured in Asia today but it’s not moving quickly with quiet markets. UPDATE Q2 Japanese GDP at 0.3% vs. 1.2% Q/Q previously.
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