AUD,NZD/FXWW News/Trade Ideas

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.
  1. Hi Sean, considering the exodus from EM and USD strength, I think we may reach 0.8575 soon. I have a buy order at 0.86. Then election result will make it 0.92.

  2. @ Tom. I agree with your view AUD is going lower. I don’t think it will pause on the next thrust down till lower near 0.8150-8250

    I agree that after a clear result in the election we may see a relief rally …. but after that and the new government has a chance to review the books and promises – bad news will start to emerge

    Interesting that today China PMI giving strong sign domestic demand increasing which is what Chinese authorities want – but this is a fresh direction and moves will be a bit see-sawing for the next 6 months IMHO

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