QUIETER WEEK EXPECTED SO A$ MAY BE PRONE TO A CORRECTION

Jim Devonport

Compass Global Markets

AUD/USD: Pushed higher as the market looks past next months expected FOMC rate hike. We’ll have a slow start to the week with a Japanese holiday today and just a speech by Governor Stevens the highlight tomorrow. Technically we target at the 50% retracement of the selloff seen since June. AUD/NZD: At 7 week highs due to an expected cut from the RBNZ next month. Technically we are well supported and should push on. AUD/GBP: A huge blow out in UK PSNB gave the market further reason to believe the BoE will delay a rate hike. With no major UK data until Friday and trend line technical resistance here, (from the highs of June and October), we may well see a short term correction. AUD/EUR: Also rallied sharply as Draghi again stated his desire to add further stimulatory measures. French and German Manufacturing data is due this evening and the German Ifo Business Survey tomorrow, all of which are set to improve so we’ll favour a small correction lower short term. FULL REPORT: (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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