The AUD Targeting Support
If it seems like deja-vu in the Aussie – that's because it probably is…
After weeks of bearish economic data and jawboning from the RBA, it appears that the Australian Dollar has finally taken the hint.
We’ve seen strong selling overnight, which has continued into the Asian session. The AUD/USD is currently down 0.5%.
Consumer Sentiment fell 1.2% compared to last month and helped spur on the selling. At the same time, the ASX200 is posting some strong gains and has been heavily in the green since the opening bell. It’s currently up 0.65%.
Chinese Inflation data came out slightly below expectations at 1.4% (vs 1.5% expected) while PPI was 5.5% (vs 5.6% expected).
Next Support Level
Recently, the AUD took out the 0.7900 level and is now looking at the 0.7840 support as the next key target.
Like yesterday, the AUD/USD is selling off and all pullbacks look like a good opportunity to get short. Trading trends is always a solid trading strategy.
Consider using the previous support as a resistance level and look for more downside momentum – especially when European and the US traders enter for the day.
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