USD Trading Outlook
The Australian Dollar (AUD): Early European session made an attempt to push the AUD towards the 200 hour MA but was unable to push through the stops above 0.8970. The pair drifted down lower in NY session and is now steady around 0.8940-60 levels. The direction of this pair is unsure at the moment and range still holds. Main focus today will be GDP data and Chinese PMI Services, with recent data from both economies being relatively poor, we may possibiliy see a downside break on this pair if it continues.
The Australian Dollar (AUD): Europe session saw the pair was unable to push further below 0.8880, therefore, started short squeezing the bears and rallied to a high of 0.8946. Main focus will be the RBA today at 03:30GMT , with rate more likely to be on hold and statement similar to February's, we cannot rule out any slightly dovish stance. With Capex data being poor, China PMI eight months low may bring concerns for Steven on overall Australia economy.
The Australian Dollar (AUD): AUD/USD opened lower this morning to one month low of 0.8894 due to tensions between Russia and Ukraine. During the weekend, the disappointing Chinese manufacturing PMI increased the possibility of an easier monetary policy stance which added weight for the pair. Today, the pair will be focusing on the HSBC PMI that will be released 01:45GMT and tomorrow we get building approvals along with RBA meeting.
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