Sunday, September 8, 2013

Intraday outlook on the $AUDUSD

Tony Abbot won the election as market expected, Aussie spiked in the opened as I expected, then sold off as I said in my weekend post. Chinese inflation data and Australian home loan number helped the Aussie recovered some of the losses.

Its really difficult to trade the Aussie at this moment, the pair looks like will make another effort to push above 0.92 level, failure to do so will give more confidence to bear. For now I am stay on the sideline, my preference is to long if the pair can break above 0.9225, stop losses 0.9185, target 0.928. Alternatively, I will open a short if the pair can break below 0.9150 support level, target 0.91 and stop losses 0.918.

We will see how the market goes and have a nice trading day, good luck!!