Will be keeping an eye on Chinese GDP figures on Monday to see if we get that catalyst to move back down to the 0.72000 psychological level. I wouldn't be surprised to see continued Aussie weakness heading into Tuesday's RBA meeting minutes.
I feel as though the 0.72000 psychological level is going to be decent support as it coincides with the 23.6% fib level from the daily highs back in May. Then again, we could break through if we get some dovish comments out of the RBA, poor Chinese GDP data, and stronger US housing figures.
US Jobless claims and existing home sales later in the weak could provide further conviction if we get some good prints.
SWFX Sentiment Index shows over 70% of liquidity consumers net long on AUD/USD. I believe there is room for open sentiment to change which could amplify a downward move in the pair.
I feel as though the 0.72000 psychological level is going to be decent support as it coincides with the 23.6% fib level from the daily highs back in May. Then again, we could break through if we get some dovish comments out of the RBA, poor Chinese GDP data, and stronger US housing figures.
US Jobless claims and existing home sales later in the weak could provide further conviction if we get some good prints.
SWFX Sentiment Index shows over 70% of liquidity consumers net long on AUD/USD. I believe there is room for open sentiment to change which could amplify a downward move in the pair.