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    72c just a matter for time for AUDUSD

    Technically weak and fundamentally not a great deal going in its favour, we could see a downside break to 72c sooner or later for AUDUSD 




    At European open on Monday the Aussie did a surprise upside attack as it took advantage of a weaker USD. By the end of the session however it had quickly found its way back to 6 year low, hovering above it by a cats-whisker. 

    At this stage 0.726 support appears weak, having printed a Shooting Star candle and Bearish Marabuzo on H4 to finish at the 6 year lows. The forces working against it at present are clearly overwhelming the bulls, in the form of plummeting commodity prices, weaker China (both economy and now stocks again) leaving only the return of the Greenback bull to knock it to fresh new lows. 

    Domestically there is little to help AUD direction, as we have to wait for Stevens to speak on Thursday along with building approvals. This however will already have been overshadowed by the FOMC statement which would have occurred hours before. However if we see US GDP hit (or get near) the 2.6% target then that should be the finally nail required to push AUD down to 72c minimum, assuming it hasn't already made its way there already.


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