The AUD/USD Holding Above 70 Cents
The AUD/USD has managed to recover from yesterday’s flash crash and has started ticking up on some better than expected Chinese data.
The AUD/USD has managed to recover from yesterday’s flash crash and has started ticking up on some better than expected Chinese data.
China released its Caixin PMI for December, which came in at 53.9 vs 53.0 expected.
The result is a positive given the weak PMI measures that we had seen earlier in the week which weighed on not only the AUD/USD but the broader market.
Aussie Outlook
The AUD/USD has started to hold the major level at 0.7000 after the huge dump yesterday that saw us fall to 0.6750.
The speculation was that it was a ‘liquidity event’ and there hasn’t been too much more made of it today.
The AUD/USD is holding on, but we do have more resistance overhead at 0.7050. I still expect another test of the 0.7000 level in a meaningful way. US employment will be important as it will be the key driver of the USD headed into the weekend.
- Check out our free forex signals
- Follow the top economic events on FX Leaders economic calendar
- Trade better, discover more Forex Trading Strategies
- Open a FREE Trading Account
Related Articles
Comments
Sidebar rates
Related Posts
Save
Join 350 000+ traders receiving Free Trading Signals
Alerts
Rates
Calendar
Signals