AUD/USD is 60 pips higher than its Friday closing level after the China GDP came in as expected. The main bearish events for the Aussie in the technical analysis space have been the break above 1.44 in EUR/AUD, the breaching of recent lows at .9035 in AUD/USD and 1.1600 in AUD/NZD. On the positive side for the Aussie, .9000 psychological support held firm and AUD/JPY support at 89.00/50 is also still intact.
I’m still running a long AUD/USD trade but will reduce on any big rallies back towards .9300 whilst the crosses continue to emit diverging signals.
