Aussie May Pullback Soon
AUDUSD has been trending higher for the past month. Supported by gains in commodity prices, specially copper , oil and gold . However, in recent days copper has started to diverge, pulling back lower. Meanwhile gold is flat.
Yield differential is in favor of the U.S. dollar. As the yield between the 2-year Australian bonds and the 2-year U.S. bonds has been moving lower, also diverging for around 3 weeks now.
I think we might get a short term pullback soon, especially that we are approaching the key 200-days simple moving average and the 1.271 extension of the main bearish wave AB . Both reside around 0.7560 area.
Todays Australia CPI numbers could be the trigger. In any case and as always, I will be monitoring for a technical confirmation before initiating any short.
Good luck and trade safe.
Technician
Yield differential is in favor of the U.S. dollar. As the yield between the 2-year Australian bonds and the 2-year U.S. bonds has been moving lower, also diverging for around 3 weeks now.
I think we might get a short term pullback soon, especially that we are approaching the key 200-days simple moving average and the 1.271 extension of the main bearish wave AB . Both reside around 0.7560 area.
Todays Australia CPI numbers could be the trigger. In any case and as always, I will be monitoring for a technical confirmation before initiating any short.
Good luck and trade safe.
Technician
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