Originally Updated: 06:32am
Currency Pair: AUD/USD
In today’s trade set up we will be focussing on short term selling opportunities on the AUD/USD.
The AUD sold off heavily after a shocking 11 percent decline in building approvals. On top of this we had poor data out of China with factory activity falling to a five month low.
In the US, the Fed having a more hawkish outlook over the US economy is on track to raise rates as early as next year giving us a good trading opportunity on the AUD/USD.
We have a nice confluence zone at 0.8755-0.8765. This should offer short term resistance for any pullback.
Stop loss could be placed at 0.8805
First take profit target: 0.8710
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Source:: Trading Outlook – AUD/USD