AUD,NZD/FXWW News/Technical Analysis/Trade Ideas

AUD: Bullish across board but AUD/USD hitting the wall

  • Strong technical break in AUD/JPY, but confirmation needed (see chart);
  • Technical resistance in AUD/USD at .9060/70 holding for now (see chart);
  • AUD/NZD played catch-up and is targeting first Fibo resistance at 1.1760, playing ranges favoured;
  • EUR/AUD is targeting important support at 1.4350, playing ranges favoured;
  • ACBs reportedly selling AUD/USD rallies as reserve re-balancing continues;
  • RBA was extremely neutral yesterday, GDP data today;

Much will depend on what happens in USD/JPY I feel. If it breaks 100 then the USD will go bid across the board and that will drive AUD/USD lower initially but AUD/JPY buyers will undoubtedly be waiting to buy dips. Overall, stay long AUD ahead of election weekend but pick your levels carefully against the USD.

  1. hi Sean, morning, may I know how dips you will consider re-entry AUDJPY, I just close the trade after GDP figure, due to concern the retrace for USDJPY, and nikkei this morning doesn’t look good, thanks

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