AUDUSD Trade Idea (5th December 2019)
Currency Pair: AUD/USD
Timeframe: H1
Date/Time of Signal: 5th December 2019 / 1200hrs (SGT)
Review:
On Monday (2nd December 2019), Australia’s Building Approvals m/m actual data was below forecast (-8.1% vs -1.0%). And yesterday (4th December 2019), Australian 3Q19 GDP disappoints as the growth slowdown from 0.6% in 2019 to 0.4%. This morning (5th December 2019), Australia Retails sales m/m data was below forecast (0.0% vs 0.3%). As the Trump administration plans to increase tariffs on Chinese goods, the growing trade tensions between US and China could see the Australian dollar to exhibit a bearish movement.
AUD/USD has retested and failed to break the Resistance zone of 0.6875.
Trade signaled to sell AUD/USD (Entry: 0.6838) with 3 Take Profit (TP) Targets (TP1: 0.6818, TP2: 0.6798, TP3: 0.6778) and Stop Loss (SL) at 0.6868.
Timeframe: H1
Date/Time of Signal: 5th December 2019 / 1200hrs (SGT)
Review:
On Monday (2nd December 2019), Australia’s Building Approvals m/m actual data was below forecast (-8.1% vs -1.0%). And yesterday (4th December 2019), Australian 3Q19 GDP disappoints as the growth slowdown from 0.6% in 2019 to 0.4%. This morning (5th December 2019), Australia Retails sales m/m data was below forecast (0.0% vs 0.3%). As the Trump administration plans to increase tariffs on Chinese goods, the growing trade tensions between US and China could see the Australian dollar to exhibit a bearish movement.
AUD/USD has retested and failed to break the Resistance zone of 0.6875.
Trade signaled to sell AUD/USD (Entry: 0.6838) with 3 Take Profit (TP) Targets (TP1: 0.6818, TP2: 0.6798, TP3: 0.6778) and Stop Loss (SL) at 0.6868.
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