AUDUSD, Daily
The AUD is under pressure amid a backdrop of falling equity markets and softer commodity prices and poor Chinese manufacturing PMI numbers, which are alll negative factors for the AUD. The Australian trade balance report is due out tomorrow, a worse than expected trade balance is likely to cause a further selling pressure on the AUD.
Technically, the AUDUSD price is in a multi-month trading range; I am seeking a target below the current market prices towards the lower end of the multi-month trading range near last September’s 0.6980 area.
Janne Muta
Chief Market Analyst
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About Janne Muta, HotForex’s Chief Market Analyst
Janne Muta is a seasoned industry professional with over 16 years experience in the global markets. Originally from Finland, Janne has worked for institutions in both Helsinki and London as an institutional fund manager, global market analyst and FX educator.
Traders and fund managers from around the world have benefited greatly from Janne’s technical analysis methods. The indicators and price action based trading models he has developed, have, after rigorous testing, proven to be invaluable in identifying high probability trades.
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