This is the Key Level to Sell the AUD - Forex News by FX Leaders

This is the Key Level to Sell the AUD

Posted Tuesday, October 31, 2017 by
Rowan Crosby • 1 min read

The Aussie has gone under the radar a little bit recently and in fact, it was just about the worst performer last week on not much news at all. I suspect that markets are finally changing their tune on the Aussie and it’s clear that as the US raise rates, the AUD is still going to be lagging.

With that in mind, I’m still firmly bearish on the AUD. I was bearish at 81 cents and I’m still bearish now. I am looking for a move to at least 75 cents before I start reassessing.

At the moment I’m watching 0.7700 as a key resistance level, that we can use to short the AUD/USD. We have tested it earlier and I will continue to use that as my main focus this session.

My first downside target is 0.7578. And don’t forget we have the FOMC this week doing their thing so that will certainly impact the USD, either good or bad.

 

AUD

AUD/USD – 240 min Chart.
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About the author

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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