AUD/USD outlook August 22nd: Targeting .8850 test
- Main risk event today is the HSBC China PMI;
- Close below .9000 is psychologically important and keeps bearish pressure in place;
- .9200/30 is now looking like formidable resistance;
- Crosses like GBP/AUD in particular look very bullish;
- Change of government likely to be bullish AUD but that’s over 2 weeks away;
- I’m still long AUD/USD but it seems only a matter of time before my stop is triggered, and I’m hoping rather than confident of a spike higher so that I can reduce my position again.