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Yesterday I wrote about the Australian GDP. It’s data was lower than expected, not huge amounts of deviation but, it appears to be enough to move it past the 1.02 level.
It’s looking like today’s daily bar will close under 1.02 and with more high impact AUD news to come for the week, we could see the AUD continue to hit new lows.
With a couple more ugly months, I’d expect to see the AUDUSD breaking below 1.00. Take a look at the weekly chart at the top to see the strong bearish momentum.
However, if they decide to lower interest rates, that could light a fire under the AUD, rocketing it back to the north. Time will tell.
This evening we have employment rates being released by the Australian Bureau of Statistics. 9:30 pm EST will be the time and employment change is known for having great deviations. With bearish news this evening, I’ll definitely keep my bearish stance on the AUD overall.
As far as technicals, I would be surprised if we didn’t have some retracement here at the 1.02 support level. If it continues to burst through, all of you who are short on the AUD could have a great month in my opinion!
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