Technicals to play out whilst we have this break in major data releases

Jim Devonport

Compass Global Markets

AUDUSD: Spent most of an uneventful session grinding lower, as the market retraces some of its post-FOMC spike. The Japanese holiday continues today and there is no data due until tomorrow. Technically the short term upward channel has broken and we see another 50 points of downside to support that held late August. AUDEUR: Closed the day flat having bounced off resistance that has capped for the last month. Goldman Sachs has suggested the Euro will weaken 10c against the Greenback, although not for the first time. With no data due the highs will be capped for one more day. AUDGBP: The Pound pushed back to the bottom of the week long range as a lack of data had the market concentrating on the technicals and therefore holding the 50% retracement of the 4 week old range. AUDNZD: Pushed higher as the short term upward channel held firm and in reaction to weaker NZ Consumer Sentiment data. There is no data due until Thursdays Trade Balance number so we’ll expect this chart pattern to play out until then. (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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