Sell AUDUSD – Forex Trading Tips

Today we are looking to sell AUDUSD on a rally to 0.7050. Stop should be above the 71 handle and target near recent lows.

Current Market Sentiment:

During Asia, Australian Retail Sales for August came in below the lowest estimate at -0.1%. This is the second chink in Australia’s economic armour this week, following the poor GDP. Aussie fell nearly 40 pips immediately upon release. Trade balance figures were also released alongside which showed imports were flat for the month and exports rose 2% – both less than prior month. Please note that trade balance figures have close to zero impact on currencies in the short term, despite their importance as a general economic indicator. The AUD remains pressured. Adam Boyton chief economist from Deutsche Bank is calling for the Aussie at 66 cents by year’s end.

Looking ahead we have Services PMI from the UK. It is the most important UK PMI. Take a look at my weekly Forex news event’s overview here in order to learn more about interpreting this particular release.

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Jarratt Davis is the world’s ranked #2 (2008-2013) Forex Trader by Barclays FX Hedge Index, following years of mastering his art as a self employed trader Jarratt has now entered the field of education and delivers the most robust Forex education package on the market. Jarratt’s mentorship is one of the only programs on the market that is conducted by a verified professional trader. Forex Alchemy readers can get the FREE mini course where Jarratt gives away some of his secrets to success by Clicking Here... [space height="20"] [social type="facebook"][/social] [social type="twitter"][/social] [social type="google-plus"][/social] [social type="youtube"][/social]

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