AUD/USD: Are We Ready to Take Out the Lows?
I’ve been following the progress of the AUD/USD closely for the last few weeks, as it’s really been an excellent trade.
Every little bounce seems to be met with selling pressure and early this week was a great opportunity to sell. The RBA tried it’s best to be bullish on the Aussie economy, however, unfortunately, the market didn’t see things in the same way.
Then yesterday we got GDP which came in worse than expected and led to more red candles. As it stands the 0.7640 level really appears to be about as high as we can get at the moment.
Moving Lower
I’m expecting a break of the lows in the next few sessions. As it stands that’s around 0.7533. I am expecting a move to 0.7500 as it is quite a significant level. Both a round number and an important psychological one.
The path of the AUD is certainly down at the moment. The only curveball that we have to navigate is US unemployment on Friday. That has the potential to move the USD in either direction. If in fact, we get a weak number, that might be an opportunity if we get an AUD/USD bounce back near overhead resistance.
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