AUD Grinding Higher – Targeting Trendline
Rowan Crosby • 1 min read
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%.
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.