AUD/USD outlook week October 22nd: Traders eyeing 1.0310/20 very closely
I have no need to tell regular AUD/USD traders of the importance of the 1.0320 level, as it’s proved to be an important pivot in recent times. It proved to be a strong support level on 3 occasions before breaking after the RBA rate cut and then holding resistance. Subsequently most trailing stop-loss orders were placed above there. Now we will start the new week sitting right on this support and if it holds, then I think the bulls will buy hard. The drags on the AUD remain falling interest rates and a stuttering Chinese economy but the pluses are that, relative to everyone else, the AUD still looks attractive. CPI on Tuesday is the first main event risk.