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AUD/USD in a Precarious Position Ahead of Employment Data
Last Friday, most AUD/USD bulls were likely feeling ecstatic. The pair had just closed at a new 3-month high, breaking above the neckline of an inverted Head-and-Shoulders pattern, a generally reliable sign of a bottom. I sent out a tweet saying as much Thursday afternoon: In the chart, I noted that the RBA may not be comfortable with a rally in the Aussie, but in retrospect, the bigger risk came from Australia’s largest trading partner, China. As we detailed earlier this week, slowing economic data in the world’s 2nd largest economy has hurt traders’ risk appetite across the board, with a particularly negative ... (full story)