The AUD/USD Still Battling 0.7200: Strong Trade Balance - FX Leaders News
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The AUD/USD Still Battling 0.7200: Strong Trade Balance

Posted Thursday, September 6, 2018 by
Rowan Crosby • 1 min read

The AUD/USD has had a pretty active week to say the least. We’ve had retail sales which were weak, then a boring RBA update.

Yesterday’s GDP started making some news headlines, with many suggesting the strong print is a sign of the economy turning the corner.

While the AUD/USD jumped on the print, we are now back around the 0.7200 level. Albeit, still higher than where we were yesterday.

Today’s trade balance data has come out positive with a slight beat at 1.55B. This didn’t move the AUD/USD too much as it is only second-tier data to be fair.

 

Aussie Outlook

The AUD/USD is still around the major level at 0.7200. So the battle continues for another day.

Given the fact that the USD fell and the AUD/USD had very positive news. To finish around the 0.7200 really isn’t a sign of strength in my opinion.

So with that in mind, I will still be looking to sell spikes higher in the AUD/USD at this stage.

If the USD can bounce back, expect the AUD/USD to outpace the USD to the downside.

AUD/USD
AUD/USD – 240min.
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About the author

Rowan Crosby is our 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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