Sforex

Aussie: Technical shows bearish view,but Fundamentals is not.

FX:AUDUSD   Australian Dollar/U.S. Dollar
118 0 8
There are a lot of signals of Technical show Aussie is under pressure.

- This is the second time AUDUSD             is defeated at 0.7250 in this year.

- A bounce at SMA200 revives short position.

- A/U contacts ascending trend line ( black line) : Any break will send Aussie to lower level.

- RSI indicator: once, it touches the ceiling then bounce back.

Four those signals indicate that Short position is coming back.

While RBA Minutes on Monday and Australia GDP on Tuesday likely provide support to Aussie because I bet on strong number of GDP and neutral stance of RBA as well as rate unchanged.

However, a clearer picture, I lean to Technical to trade Aussie.

- Wait for a break ascending trend line , this will attract more traders follow the downtrend.

0.6975 next.
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