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Heading towards a defining next 10 days

Jim Devonport

Compass Global Markets

AUDUSD: Chinese GDP data pushed the A$ higher, however those levels were soon sold into. The numbers were still shy of the 7% goal. RBA minutes are due this morning and we look for a more neutral tone. Further focus is on next week’s FOMC, which should mean price action will become muted and hold this 0.7250 area. AUDEUR: Failed to hold onto highs as the market is unwilling to push away ahead of Thursday's ECB and any signs of a possible increase to QE. Those buying Euro’s may want to hold fire for a couple of days. AUDGBP: Fell for the 4th day out of 6 in reaction to comments that an interest rate hike could come sooner rather than later. Carney speaks twice this week, but is not expected to mention interest rates until Thursday. We'll hold around here until being 6 week old trend line support. AUDNZD: Bounced but soon reversed the move. Dairy price data comes tonight. Technically we trade at the 50% retracement of the 6 month range, so time for a reversal higher? (VIEW LINK)


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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