China and S&P's shot across the bow takes Aussie lower still
Compass Global Markets
AUDUSD: Took another tumble down the mountain on Friday as Chinese Manufacturing hit a 15 month low and as ratings agency S&P suggested that this countries AAA rating is under threat. The market opens fresh 6.5 year lows with our major focus on the FOMC meet on Wednesday night and an RBA Governor Stevens speech the next morning. We’ll look at the longer term charts to start the week off and see that although the indicators suggest we are in oversold territory, there is in fact room for another USD 1 cent of downside until trend line support that comes from the 2001 / 2010 lows and that should be a target in the current environment. AUDEUR: German Ifo Business climate survey is key short term and there is no reason to see any upward correction of size here in the near term. The technical picture supports this view AUDGBP: UK GDP our focus and target remains 0.4545/2.20 AUDNZD: Dire Trade Balance sees support hold and we keep our 1.20+ target.
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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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