AUD/USD: Still long but case looking weaker for bulls
- EUR/AUD put in a strong weekly close above 1.4400 and looks likely to move onto a higher plane between 1.39/1.55 in coming weeks.
- AUD/JPY is putting in a big battle around 90.00 and whatever happens, this level is becoming pivotal for medium term moves.
- AUD/NZD has made fresh lows and looks likely to test 1.1500.
If the crosses are bearish, then it will be difficult for the AUD/USD to rally but I’m hanging onto my stubborn longs in hope rather than conviction. The one thing I did do correctly was to buy at the correct level near .9050 and reduce by 1/3rd near .9300 highs, meaning that I can put my stop at my average entry level. This shows once again that the most important think in FX trading is timing the correct entry level, if we get that right then we can even survive really bad calls.
Chinese GDP later today will be closely watched and will guarantee volatility but with Japan closed today, that might be the only moves we see.