The information on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG Bank S.A. accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it and as such is considered to be a marketing communication.
As you can see from the blue line, the 200-day moving average (0.9172) would be a near-term target on a break of the rising trend, which could take the pair to my initial target on the trade of 0.9155.
The trade has started off on the right foot, having fallen to 0.9230 at the time of writing, but I am going to continue with my potential stop loss at 0.9315 for now.
Today’s Q1 CAPEX numbers will be key in determining if AUD/USD is to break the support I have highlighted, and naturally this print will have strong ramifications not just on upcoming GDP expectations, but also whether there is scope for the RBA to re-adopt its easing bias.