AUD OUTPERFORMING THE USD, MEASURED MOVE IN PLAY

AUD Outperforming the USD, Measured Move in Play

AUDUSD, Daily

The AUDUSD moves higher in the wake of the RBA, holding steady rates at 2%, as widely anticipated. The economic outlook according to the board at the RBA , are that the “prospects for an improvement in economic conditions had firmed.” As for the currency, they noted the AUD is “adjusting to significant declines in key commodity prices.” Technically, a measure move from the September lows (0.6940) to October highs (0.7380) looks to be in play, since price continues to extend the advance from the November retrenchment lows (0.7015). If price can hold above the FE 61.8% (daily) near 0.7290, this could open up the possibility for a re test of the October highs (0.7360) with 0.7450 as the extended target.

DEC 1 AUDUSD SRL

Janne Muta

Chief Market Analyst

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jmutaJanne 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.

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