AUD has been in a 400 pip consolidation phase since August of last year. The Fed reiterating their now dovish stance and China PMI surprising to the upside can serve as catalysts for a directional move to the upside, but whether or not AUD will gain ground will also depend on Tuesday's RBA statement, as well as Retail sales and NFP from the US. I'll be looking for an entry next week, preferably closer to the 0.7020 level.
Note
Support continues to hold for AUDUSD, wait and see mode. USD steady after NFP printed mixed.
Trade active
Entered a SHORT on AUDJPY, price rejected upper boundary of range once again.
Long-term view is that AUD will eventually strengthen as USD outlook sours and global trade environment improves. View is that US-China trade negotiations will be resolved around mid-year, which could fuel a strong move higher for AUD.
Trade closed manually
Closed after AUD started to dip again.Note
AUDUSD continuing to test the 0.70 support
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.