The AUD/USD Giving Up its Gains
Rowan Crosby • 1 min read
The AUD/USD has seen a nice rally overnight, but it looks like it is all profit taking this morning.
Across the board yesterday, the commodity currencies gained ground. The USD held up pretty well against most of the majors, but the AUD/USD and NZD/USD, in particular, were strong.
It is really a product of a more, risk-on feel yesterday across the board. That included stocks which saw a small bounce off the lows.
With the Thanksgiving holiday in the States, we might get the chance to see some moves against the USD but we have to be prepared for any number of wildcards, including China, Brexit and of course Donald Trump.
The AUD/USD failed recently at the major level at 0.7300 and on this latest push we haven’t been able to reach those highs.
Putting in a lower high is a massive sign of weakness for me and one that I would be looking to short.
That said, given the fact that we are missing some US players, it might be worth waiting until next week to get involved.