Is the AUD Starting a Downtrend?
Rowan Crosby • 1 min read
For weeks the Aussie has been clinging onto hope of moving beyond the all important 80 cent mark.
Even a string of bearish data hasn’t been enough to slow it down. However Friday’s jobs report seems to have put some momentum back into the USD and finally the Aussie has begun to show some weakness.
So for now I think it’s time to have a bearish bias on the AUD/USD.
If we can get any pop to the upside, then it might be an opportunity to get short.
In the 0.79300-0.79400 range, we have overhead resistance, a downtrend on the 30-min chart and the 200 SMA – all offering some resistance. You can find out more about trading off key levels in our strategy section.
Data out today showed that Australian Business Confidence has slightly increased. The AUD is up on the back of the data.
The ASX 200 is getting smashed today and is currently down 0.54%, in what was a short and sharp selloff since the open.
Remember to keep an eye on the data coming out of China later today as that will also have an impact on the fate of the AUD for the remainder of the session.