Hello Traders!
As mentioned previously, I am down long term on the Aussie largely in part to poor fundamentals. Some these factors include rising consumer debt and a "slowing" Chinese economy. This is a huge week for the Aussie: CPI on Tuesday, Chinese PMI and RBA rate statement Wednesday, and PPI on Thursday. With the exception of trade balance numbers on Tuesday, the kiwi will be relatively quiet on the news front.
Be on the lookout for announcements regarding US-China trade relations!
I see three major scenarios playing out: (1) A straight shot to the 1.060 - 1.066 zones, (2) an up move to the 1.054 zone (longer purple line) followed by a downward move to current price levels, and (3) a move down from current price levels followed by a test @ the 1.0460 zone.
Keep in my mind the arrows are not time accurate and I always expect some choppiness when getting to target points.
The shorter purple line reflects shorter term resistance/support, so the first trading hours will be crucial to gauge direction. Despite my bearish bias on the Aussie, I believe the most likely first move is up.
As mentioned previously, I am down long term on the Aussie largely in part to poor fundamentals. Some these factors include rising consumer debt and a "slowing" Chinese economy. This is a huge week for the Aussie: CPI on Tuesday, Chinese PMI and RBA rate statement Wednesday, and PPI on Thursday. With the exception of trade balance numbers on Tuesday, the kiwi will be relatively quiet on the news front.
Be on the lookout for announcements regarding US-China trade relations!
I see three major scenarios playing out: (1) A straight shot to the 1.060 - 1.066 zones, (2) an up move to the 1.054 zone (longer purple line) followed by a downward move to current price levels, and (3) a move down from current price levels followed by a test @ the 1.0460 zone.
Keep in my mind the arrows are not time accurate and I always expect some choppiness when getting to target points.
The shorter purple line reflects shorter term resistance/support, so the first trading hours will be crucial to gauge direction. Despite my bearish bias on the Aussie, I believe the most likely first move is up.