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Trading Outlook – AUD/USD

Jarratt Davis
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www.jarrattdavis.com

Originally Updated: 06:32am

Currency Pair: AUD/USD

Sentiment: Bearish

Market focus:

In today’s trade set up we will be focussing on short term selling opportunities on the AUD/USD.

Fundamentals:

The AUD sold off heavily after a shocking 11 percent decline in building approvals. On top of this we had poor data out of China with factory activity falling to a five month low.

In the US, the Fed having a more hawkish outlook over the US economy is on track to raise rates as early as next year giving us a good trading opportunity on the AUD/USD.

Technicals:

We have a nice confluence zone at 0.8755-0.8765. This should offer short term resistance for any pullback.

Stop loss could be placed at 0.8805

First take profit target: 0.8710

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