Originally Updated: 06:10
Currency Pair: AUD/USD
In today’s trade set up we will be focussing on short term selling opportunities on the AUD/USD.
We are keen to look for selling opportunities on the AUD/USD today, this after RBA Assistant Governor Christopher Kent said intervention had not been ruled out. The RBA has previously mentioned that the AUD is overvalued at current levels.
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 0.8750-0.8770. This should offer short term resistance for any pullback.
Stop loss could be placed at 0.8805
Take profit target: 0.8680
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Source:: Trading Outlook – AUD/USD