AUD remains range bound and may even stay that way until Friday

Jim Devonport

Compass Global Markets

AUDUSD: The pair steadily dropped throughout Friday (month end) but rallied 130+ points within an hour upon record low US Employment inflation. Although a second tier number, the thin market saw it as a sign the Fed may hold come September. On the charts and as forecast both sides of the recent range were tested but held firm. We see that continuing until tomorrows RBA meet and potentially until Fridays all important US Non-Farm Payrolls. AUDEUR: Pushed back on Friday as the market had its end of week correction and as the Euro understandably benefited the most from USD weakness. Should trend-line resistance break, there is size-able upside. AUDGBP: A hugely important week to come for the UK that should give us a medium to long term picture of where we are headed. Forecasting anything past Thursday is pure folly. AUDNZD: An 80+ point jump Friday as NZ Business Confidence had its worst read since March 2009. NZ Dairy Prices and Unemployment are midweek. With both expected to weaken, there is no reason to veer from our favoured move higher.


Jim Devonport
Jim Devonport
Compass Global Markets

Involved in the financial markets performing both sales and dealing roles since the mid 1980’s, Jim has a wealth of knowledge, experience and sales acumen that he uses to build and maintain long lasting business relationships. Constantly...

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