Aussie May Pullback Soon
AUDUSD has been trending higher for the past month. Supported by gains in commodity prices, specially copper , oil and gold . However, in recent days copper has started to diverge, pulling back lower. Meanwhile gold is flat.
Yield differential is in favor of the U.S. dollar. As the yield between the 2-year Australian bonds and the 2-year U.S. bonds has been moving lower, also diverging for around 3 weeks now.
I think we might get a short term pullback soon, especially that we are approaching the key 200-days simple moving average and the 1.271 extension of the main bearish wave AB . Both reside around 0.7560 area.
Todays Australia CPI numbers could be the trigger. In any case and as always, I will be monitoring for a technical confirmation before initiating any short.
Good luck and trade safe.
Technician
Yield differential is in favor of the U.S. dollar. As the yield between the 2-year Australian bonds and the 2-year U.S. bonds has been moving lower, also diverging for around 3 weeks now.
I think we might get a short term pullback soon, especially that we are approaching the key 200-days simple moving average and the 1.271 extension of the main bearish wave AB . Both reside around 0.7560 area.
Todays Australia CPI numbers could be the trigger. In any case and as always, I will be monitoring for a technical confirmation before initiating any short.
Good luck and trade safe.
Technician
Похожие публикации
Отказ от ответственности
Все виды контента, которые вы можете увидеть на TradingView, не являются финансовыми, инвестиционными, торговыми или любыми другими рекомендациями. Мы не предоставляем советы по покупке и продаже активов. Подробнее — в Условиях использования TradingView.