Originally updated: 07:00
Trading Bias: SHORT
Currency pair: AUD/USD
Current Sentiment: Bearish
In today’s trading session we will be focussing on selling opportunities on the AUD/USD.
Following a surge in Oil prices which is now trading above 52 all commodity linked currencies strengthened during the overnight session with AUD/USD now trading at pre-rate cut levels, this presents some attractive opportunities to sell into those rallies. Obviously with the main driver for the upsurge in AUD strength being the rally on commodities we will be paying attention to how they fair throughout today’s session prior to placing any positions.
We expect this pair to sell off during today’s session.
Remember to be aware of intra-day news as this can very often change the sentiment which makes our trade weaker. Look for any news that could be negative for this pair, which would change the sentiment to bullish.
Other Market Moving News:
The S&P 500 gained yesterday closing at +1.4%, elsewhere the Nikkei 225 closed at +1.98% all of which has been accredited to the recent surge in oil prices.
The NZD was the notable performer of the overnight session with commentary from the RBNZ being less dovish than the market had anticipated.
The recent positive note in EU Greece relations has been somewhat overshadowed by recent developments that Greece could be without ECB funding with opposition coming from within the ECB to the Greeks bailout plan.
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Source:: Trading Outlook – AUD/USD