Australian Dollar fails to follow suit
Compass Global Markets
AUDUSD: Attempted a push higher overnight, however with no supporting domestic data and Chinese stock markets having their biggest 1 day drop since 2007, the local unit was unable to hold those gains. With no data of note due until tonight’s US Consumer Confidence, we’ll keep an eye on the equity markets up north . To the charts and we notice signs of exhaustion on the candlesticks and the other major technicals being oversold.Those buying Australian Dollars take note. AUDEUR: Continued its push lower as it benefited from broad based USD weakness, German business sentiment is on the up and as the market is preparing for the FOMC. AUDGBP: Has also started the week strengthening against the AUD and deeper into levels last seen in Q1’09. Focus turns to tonight’s GDP release that economists foresee increasing for the 10th quarter in a row. AUDNZD: Pushed lower and severely testing medium term support. The Chinese slowdown is outweighing the poor NZ Trade Balance numbers and may force us to rethink our upward trend forecast should the “SSE” not stabilize soon
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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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