Originally updated: 06:45am
Currency Pair: AUD/USD
In today’s trade set up we will be focussing on short term selling opportunities on the AUD/USD.
Our focus turns to the AUD once again after having a difficult week with unclear sentiment and volatile price action. The Australian GDP number came in over night at worse than expected leading to heavy selling by macro funds and triggering calls for the RBA to cut rates with the market pricing in a 25bps cut within the next year.
I expect this pair to continue its down move during the session and eventually hit 0.8300. If the market does retrace back up then there is a nice confluence zone of resistance that traders could use as a reference to sell from again.
The confluence zone is at 0.8450-0.8460
Stop loss could be placed at 0.8505
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Source:: Trading Outlook – AUD/USD