Price action to pick up from today

Jim Devonport

Compass Global Markets

AUDUSD: Traded a tight 40 cent range as the US holiday ensured the market was reluctant to take this pair any further south following the NFP. Price action should pick up today with domestic Business Confidence and then the release of Chinese Trade Balance data. Both are expected to improve for some support and recovery towards 0.70 cents. AUDEUR: Positive second tier Australian numbers kept the market from pushing this pair any further. With no European market moving data this week we’ll look locally for direction and favour a small and short term correction higher. AUDGBP: The only pair of the majors in which the Aussie lost ground. Sterling bounced back from its 2.5 cent losses against the Greenback but with no UK data today we could well see the Aussie bounce here as well. AUDNZD: Pushed higher on a double dose of positive Aussie economic releases and as the market prepares for a RBNZ interest rate cut. Our short term target is 1.12 prior to the NZ central bank meet. Get in touch to discuss your currency exposure. (VIEW LINK)


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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