80 Cents is Now a Buy in the AUD

The Aussie has been doing it’s very best to push above the key 80 cent level and thanks to a weak USD, it’s managed to pop its head above that point. However after a bit of a fight back in Monday trade the USD has regained some ground and the AUD has fallen off the highs.

As many of you would know, long term I’m bearish on the AUD. That said the 80 cent level that has been key resistance, now has the chance to turn into support. I also like the fact that we have a long term trendline that has been holding up.

As a result I want to be buying on dips below the 80 cent mark. This week Aussie traders are waiting on the jobs report which will give a good insight into how the economy is fairing. That might keep things a little quiet. However if we can near the 80 cent mark I’ll be looking for a short term bounce.

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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