AUDUSD takes a pause, but probability favours the downside
Fundamental - RBA indicates no immediate need to raise interest rates
Economic data - Aussie CPI falls short, China PMI contracting
Technical - AUDUSD breaks through 50SMA and heads toward 200SMA on 4HOUR chart
Usually would take this pause as an opportunity to go Long, but with the recent Fundamentals and Data releases, probability favours the downside.
Note: HUGE week ahead for economic data releases. AUD won't stay where it is.
US data - Pending Home Sales m/m, CB Consumer Confidence, ADP Non-Farm Employment Change, Advance GDP q/q, FOMC Statement, Fed Chair Yellen Speaks, Unemployment Claims, ISM Manufacturing PMI, Non-Farm Employment Change, Unemployment Rate
Aussie data - PPI q/q
China data - Manufacturing PMI
Economic data - Aussie CPI falls short, China PMI contracting
Technical - AUDUSD breaks through 50SMA and heads toward 200SMA on 4HOUR chart
Usually would take this pause as an opportunity to go Long, but with the recent Fundamentals and Data releases, probability favours the downside.
Note: HUGE week ahead for economic data releases. AUD won't stay where it is.
US data - Pending Home Sales m/m, CB Consumer Confidence, ADP Non-Farm Employment Change, Advance GDP q/q, FOMC Statement, Fed Chair Yellen Speaks, Unemployment Claims, ISM Manufacturing PMI, Non-Farm Employment Change, Unemployment Rate
Aussie data - PPI q/q
China data - Manufacturing PMI
