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.
The USD saw good strength across the board on Friday after a better than expected payrolls number beat all analysts forecasts, seeing U.S companies adding 321,000 jobs in November.
Looking at the market this morning we’ve had the Chinese Trade Balance coming out positive, however Imports have disappointed somewhat, coming in at -6.7% vs Exp 3.8%. This has seen the AUD come under renewed selling pressure breaking below the 0.8300 handle. We will be looking for selling opportunities on the AUD/USD.
I expect this pair to continue its down move during the session, eventually hitting 0.8200. 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 0.8365-0.8375
Stop loss could be placed at 0.8415
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Source:: Trading Outlook – AUD/USD