USD Trading Outlook
The Australian Dollar (AUD): AUD/USD crushed down to a low of 0.8936 after Chinese PMI came out lower than expected at 48.3. Breaking the pivot of 0.8990 but once again held on the support of 0.8920 and pushed back up above 0.90. Another range trade play shown on this pair as we had a mix data of good and bad news through out the past two weeks. However, bear traders started gaining confidence back as pivot been broken twice now and 0.9080-85 resistance been holding well.
The Australian Dollar (AUD): AUD/USD drove up to 0.9045 in early European session bouncing off from intital support of 0.8990. However, it was unable to make further gains and dropped back towards 0.9030 into NY's open. This morning, the FOMC minutes announced to continue tapering and AUD/USD hit back to low 0.90s as US yield lifted. Range trading through out yesterday 0.8990 - 0.9050, market will be focusing on China's Feb HSBC PMI today.
The Australian Dollar (AUD): AUD/USD rallied after yesterday's RBA Monetary Policy statement where RBA showed less concern on the recent strong AUD. The pair pushed all the way to 0.9080 but bounced back hard from the resistance of 0.9085 as bulls showed tiredness from the past few rallies also with signs of stronger USD.
AUD/USD once again pushed back up after dropping below 0.90 from a slightly higher than expected unemployment number last Thursday. Bears who sold into the data would be looking for other opportunities to provide some protection against the market. Friday session was relatively stable however, today, we will expect inflation report in Australia which was the main focus from the last RBA statement.
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