FxWirePro: AUD/USD edges off multi-week highs as return of risk aversion hit commodities, good to sell rallies
AUD/USD opened Tuesday at 0.7360, traded 0.7293-0.7363 in Asia, and was last at 0.7314 at the time of writing The Aussie edged off multi-week highs, dropped to 0.7305 against the USD, from a two-month peak of 0.7382 touc…
AUD/USD opened Tuesday at 0.7360, traded 0.7293-0.7363 in Asia, and was last at 0.7314 at the time of writing
The Aussie edged off multi-week highs, dropped to 0.7305 against the USD, from a two-month peak of 0.7382 touched on Monday
A nine-session winning streak drew sellers and a return of risk aversion hit commodities such as copper and gold, weighing on the AUD
Upbeat Chinese trade data did little to offset uncertainty, AUD/USD was rejected at 0.7350 resistance
China trade balance came in at 376.20 bn yuan (expected $292.41 bn yuan), exports were -1.1% (expected -7.4%), while imports were -17.7% (-16.5% expected)
Markets also ignored data that showed Australia's business confidence rebounded in Sept, and measure on employment intentions which jumped to its highest since mid-2011
AUD/USD is currently trading at 0.7316, with immediate resistance at 0.7338 (4h Tenkan) and support at 0.7266 (4h Kijun)
Pricce action has dipped into the cloud, RSI and Stochs are biased lower and at overbought levels, some correction likely in the near-term
Recommendation: Good to sell rallies around 0.7315/20, SL: 0.7340, TP: 0.7250
