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Trading Outlook – AUD/USD
Posted On 02 Dec 2014
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Originally updated: 06:45am
Currency Pair: AUD/USD
Sentiment: Bullish
Market focus:
In today’s trade set up we will be focussing on short term buying opportunities on the AUD/USD.
Fundamentals:
The AUD saw a rally overnight after the RBA left rates unchanged and was seen as slightly less dovish than expected, saying AUD is down recently but remains above most estimates of fundamental value, given falling commodity prices’.
Technicals:
I don’t expect a massive move on this pair at the moment, however I think we should see some further buying into the London session and will look for possible scalping opportunities short term.
If the market does retrace back down then there is a nice confluence zone of support that traders could use as a reference to buy from again.
The confluence zone is at 0.8485-0.8480
Stop loss could be placed at 0.8445
Target: 0.8560
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