MacroView_Research

AUDUSD Rallies But Remains Technical Short

FX:AUDUSD   Australian Dollar/U.S. Dollar
On May 9, MacroView issued a short idea on AUDUSD             and highlighted the strong correlations with copper             and gold             , which we would see the trifecta fall 2.93 percent, 4.90 percent and 6.68 percent respectively.

We've seen all three etch out bottoms in early June, yet copper             is retesting those lows on unexpected increases in inventories. The AUDUSD             went big following the Reserve Bank of Australia holding their key benchmark to 1.75 percent. Unfortunately, this will be short-lived. The central bank's policy will strongly be tethered to the economic performance of China.

Technically, we see price resistance at .7520 with a breakout potential to .7645 since the move does have relative strength in momentum . However, the weekly technicals still show a picture of lackluster upside potential.

snapshot

Intermediately, the z-score is at a very high 2.6 (+/- 2 are a great contrarian indicator).

Trade posted on chart. Updates will be provided.

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fOREXeCHO PRO
6 months ago
I am expecting for a pullback to 0.7300 maximally, do you really think the price can retrace that deep? I doubt it.
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MacroView_Research fOREXeCHO
6 months ago
Yes. It's not intended to be a quick trade. I prefer it work itself into a more overbought scenario, but 390 pips over 10 sessions is possible. Im looking for it retrace to key points.
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