The AUD/USD Getting Ready to Run a Big Level
Yesterday’s bullish tax news out of China appears to be done and dusted and the AUD/USD has found plenty of sellers since that point.
The AUD/USD has been trying to push higher but every move gets met with more selling. On a longer-term chart that equals a rather steady down trend.
There hasn’t been any economic data out this week and we have simply been getting pushed around by the USD. China has been somewhat strong and that has helped the Asian markets to a degree.
But what is clear, is that the long-term downtrend is still firmly in place.
Aussie Outlook
The AUD/USD is getting set to test the important 0.7040 level. This has been support for some time.
I like to look at the way we got to the price. Ideally, I like to see a series of lower highs as we get closer and closer.
The major level at 0.7000 is my next target as the grind gets closer and closer and the breakout potentially comes.
At this stage, we can probably risk off the 0.7100 level with a target of 0.7000.
A strong US GDP print might even be the catalyst for the move.
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