This is the Level I’m Watching in the AUD
Rowan Crosby • 1 min read
Well the FOMC has come and gone and for the most part, we got what we expected. The AUD has really been one of the weakest of the majors and the Fed didn’t add too much fuel to the fire.
Overall I’m still quite bearish on the AUD/USD and I’ve written about that quite a lot in recent weeks. Nothing has changed all that much for me in recent weeks and I am still looking to find great opportunities to sell.
The big level that is staring me in the face right now is 0.7700. We’ve attempted to rally to this point in recent times however the AUD just can’t spike up all that much. I think this is a great point to be a seller so I would consider trying to work sell orders at this point.
Longer-term I can’t see the AUD keeping pace with the USD and it will have to decline. Rates will rise in the US in December and this will keep on putting pressure on the AUD. So whether you are a short or longer term trader, I like 0.7700 as a place to try and sell.