AUD,NZD

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.

  1. Hi Sean, what’s your feeling on GBP/JPY today? I think a buy around 126.15. As for a short, I’d say when 126.72 breaks hard and the price comes back to this point, it would be a good sell opportunity.

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