AUD/USD printed a bullish candle on Friday, showing huge buying pressure off the 92 handle

Chris Weston

Pepperstone

AUD/USD printed a bullish candle on Friday, showing huge buying pressure off the 92 handle. Clearly the market wasn't overly impressed by the US payrolls on Friday and while the headline number was strong the lack of earnings growth highlighted that it's going to be sometime until inflation starts heading higher. I suggested working bids into 1.4910 ((VIEW LINK) on EUR/AUD last week and still feel this looks like a good way to express a bearish view on AUD, with the pair now up 40 pips from my suggested entry point. On AUD/USD 0.9302 seems key level in the short-term. This level represents the downtrend from the recent high of 0.9461, but also the 38.2% retracement of the 0.9461 to 0.9203. A break here could see a quick squeeze to 0.9362. On the billing today we have service sector data, TD securities inflation gauge building approvals and ANZ jobs


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Chris Weston
Head of Research
Pepperstone

Highly accomplished financial markets professional, with experience at a number of top-tier global institutions on both the buy and sell-side. A natural communicator with a strong ability to analyse macro-economic trends, capital flows and market...

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