AUDUSD Rebound?

[Rambo35]

I have talked about this currency pair since it hit the 0.9200 mark and I added to my long positions at 0.9050. I think we will see a move higher and a breakout from its current chart pattern. We may saw a capitulation sell-off on Friday ahead of Chinese GDP data as trader’s were preparing for the worst.

Chinese GDP came in at 7.5% and market the second consecutive quarterly slowdown. The Australian Dollar rallied on the news and I think we may see a push higher past the 0.9500 level. That’s just my take on it.

 

[Enivid]

Why do you treat bad macroeconomic news from China as the AUD-positive factor?

 

[Rambo35]

Why do you treat bad macroeconomic news from China as the AUD-positive factor?

Traders prepared their positions for much worse than 7.5% which is why they oversold on Friday as I entered my long. After the release of Chinese GDP data the AUD rallied a bit and I don't have to mentioned what happened today after the release of minutes by the RBA.

 

[bkhsdsudhk]

I think we can do more long-term Australian dollar, interest earned