Trading Outlook – AUD/USD

Originally updated: 07:40

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.


Markets were relatively quiet overnight although both AUD and NZD underperformed following weaker than expected data from New Zealand whilst the RBA Financial Stability Review caused the markets to tweak expectations of a rate cut to a 61% probability at the Apr. 7th meeting vs. 49% before the release.


We expect this pair to fall lower during today’s session.

There is strong resistance at 0.7900 should it rally that far, failing that 0.7880 is noted as medium term level of resistance which could provide trading opportunities should the price pull back. Look for the price to bounce off this level if it retraces back to it.
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 negative for the USD which would change the sentiment on this pair.

Other Market Moving News:

Looking ahead on today’s calendar we have German IFO figures and US Core Durable Goods Orders.

Apart from the AUD and NZD news overnight news is relatively limited with the only story of note being comments from BoE Deputy Governor Shafik, who says the next move in rates is likely to be higher, however the BoE are still open to possible cuts in the future.

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Source:: Trading Outlook – AUD/USD

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