AUD/USD: Shallow Correction Suggests Further Upside
Littlefish FX | Oct 20, 2015 06:19AM ET
Despite falling below 7% target level, Chinese Q3 GDP grew 6.9% YoY, as compared to 6.8% expected. AUD/USD was well supported above 0.725 levels. The RBA meeting minutes this morning noted that the declines in AUD are supportive of the economic re-balancing. The Aussie dollar edged higher on the rather optimistic tone from the central bank.
Bids ahead of .7230 continue to support the AUD/USD. While this level holds on an intraday basis, expect a retest of offers above .7300. A close back above .7300 targets a .7400 resistance next. Failure at .7200 targets .7160 symmetry objective.
h2 Trade Idea/h2- Looking to position long on intraday tests of .7200, venture long with intraday reversal patterns towards .7200 support leaning against .7100, targeting a test of pivotal .7500 trend resistance
- This trade is supported by bullish daily Order Flow, monitoring retail trade sentiment looking for increasing bearish positioning on a retest of .7200 bids
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