What’s next for the Aussie Dollar?
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Yesterday’s strong rebound in the Aussie Dollar caught shorts off guard, a move that Saxo Capital Markets traders of the Australian desk had predicted just a week ago (see here: (VIEW LINK). The ramp up of the Australian currency now is "potentially setting the stage for a test of the key resistance levels above 0.7500”, says John Hardy, Saxo’s Head of FX Strategy. But before that there are some intermediate levels. The AUDUSD has been trading around the resistance levels of 0.7400, also foreseen by Saxo’s traders in Australia a few days ago, with 0.7469 as the next resistance to be tested before the strong psychological level of 0.7500. US data through the end of the week will be important to confirm if the US Dollar continues to trade flat, which could potentially give the Aussie Dollar a chance to reach its next level. To read more visit: (VIEW LINK)
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