Sforex
Short

Idea for A/U next week.

FX:AUDUSD   Australian Dollar/U.S. Dollar
319 3 2
No major data for AUD and USD next week. Thus, I consider what happen in this week.

USD
- Retail Sales : 0.4% Bullish for USD

AUD
- RBA's Governor Glens Stevens said that : A/U is now unhelpful. RBA might intervene to weaken Aussie.
- PMI of China is lower than expect.

And the most important information:
Look at on the chart, A/U has a strong corelation with GOLD             price. Australia is a commodity export country such as gold             , silver             . If such commodities sell off. It causes pressure on A/U greatly.

Investors are selling gold             and buy stock , they think that stock now make more profit than gold             . S&P             and Dow are being strengthened by QE3 of FED. Hence, gold             decreases as a result and causes A/U goes down.

That is fundamental analysis.

Technical analysis .

A/U broke 0.93 level : strong support and resistance level I show on the chart. If A/U is trade below this level, I think A/U wil continue bearish trend . Moreover, A/U is now below Ichimoku cloud . Signal for bearish trend . I don't show on the chart because I don't want the chart so complicated.

In short, I think A/U will reaches to 0.91 target in the coming weeks.

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AnneSmith
3 years ago
basically you abuse this nice service with your unpaid ads
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Sforex PRO
3 years ago
confirm A/U touched 0.91 level. exactly
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mnlop25
3 years ago
You are the best :)
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