AUD Grinding Higher – Targeting Trendline

The Aussie has been doing it’s regular thing in early Asian trade and grinding higher.

It was a quiet day on the data front however a minor release came through showing that inflation expectations were slightly lower than the last reading at 4.2% (vs 4.4% prior).

Regardless the Aussie kept on pushing higher.

The ASX 200 is also on the march higher and is up 0.5% with futures up 0.65%.

Sell Zone

We’ve been playing off this downtrend for a week or so now and to date has continued to hold.

It’s an area on the 30-min chart, where there’s an established downtrend, as well as getting added resistance from the 200-SMA along with an intraday resistance level. You can find out more about using technicals levels in our strategy section.

The momentum is certainly to the downside longer-term and we should continue to go with that for the time being.

Of recent times it’s been European and US traders that have been driving the AUD/USD lower so keep that in mind if you’re looking to trade during the Asian session.

ABOUT THE AUTHOR See More

Rowan Crosby

Asia-Pacific Analyst

Rowan Crosby is a professional futures trader from Sydney, Australia. Rowan has extensive experience trading commodities, bonds and equity futures in the Asian, European and US markets. Rowan holds a Bachelor of Finance and Economics degree and is focused heavily on Investment Finance and Quantitative Analysis.

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