Aussie oomph providing room for a tactical valuation trade
Updated
=> What are we tracking here?
=> Late bears are starting to overload on shorts here and we are outguessing a temporary bottom
=> Fundamentally Australia provided very strong Q2 GDP data last week.
=> The commodity currencies will get bid across the board as we start to see a focus shift from EM vulnerability
=> We expect manufacturing data to remain steady whilst inflation and wages will be muted going forward, meaning we have room for a very technical trade here.
=> Entry at 0.68910 with initial targets for a test of 0.71385 with stops at the lower end of the 0.68xx handle at 0.68230(edited)
=> Good luck all
=> Late bears are starting to overload on shorts here and we are outguessing a temporary bottom
=> Fundamentally Australia provided very strong Q2 GDP data last week.
=> The commodity currencies will get bid across the board as we start to see a focus shift from EM vulnerability
=> We expect manufacturing data to remain steady whilst inflation and wages will be muted going forward, meaning we have room for a very technical trade here.
=> Entry at 0.68910 with initial targets for a test of 0.71385 with stops at the lower end of the 0.68xx handle at 0.68230(edited)
=> Good luck all
Note
First targets @ 0.707xTrade closed: target reached
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.