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The AUD to Bounce off 80

The AUD will continue its love affair with 80 cents this week as there’s a fair bit of market-moving data coming out, that might give us an opportunity. We, of course, have the FOMC interest rate decision on Wednesday night (Asian time). That will be a key driver on for the USD.

However, we also have RBA meeting minutes out on Tuesday. The key here is that they are both significant news events. As such the technical levels come into play a bit more and we can be more confident that we are not going to get any big runaway spikes in either direction.

 

AUD

AUD/USD – 240 min Chart

 

80 Cent Play

At the moment we are grinding our way up a trendline and also bouncing off the key 8 cent level which is acting as support. That presents a good buying opportunity for the moment. As time goes on that starts to look a bit more like a bearish upward channel with 80 being a great level to sell.

However, ahead of any market moving news, such as the inclining of a US rate hike, it might be prudent to keep on buying off the current support level.

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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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