Steady end to the week with an eye on the RBA

Jim Devonport

Compass Global Markets

AUDUSD: Traded the range and was well supported when dropping slightly following local Building numbers . US GDP wasn’t as strong as expected and Weekly Jobless claims are on the up; seeing the Greenback give up its earlier gains as a result. Price action is fairly tight and we have been comfortably held in the week long range. We expect that to continue for today and perhaps until Tuesdays RBA meeting. But we’ll discuss that come Monday. AUDEUR: Aussie continues to correct higher from the heavy sell off. On the charts and the reverse head and shoulders pattern broke a day early, so it will be interesting to see if this upward move can continue. AUDGBP: The sizeable shift lower continues as there was no UK data to note and effect market sentiment. With the weekend approaching we may see a small correction for GBP buyers to take advantage of. AUDNZD: NZ Building consents came out much lower than expected. NZ business Confidence is due this morning and should see another negative print, therefore propelling the Tasman Cross higher again.

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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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