Aussie Dressed up but where to Go?

by Ashraf Laidi

Dec 2, 2009 21:33

It may be unwise to think against the Aussie after the RBA raised rates for the 3rd time this year, signalling more tightening next year, BUT we cannot help notice the AUDUSD daily and 4-hr charts. The former failed to go near the years high despite this weeks hike, while the latter signals negative stochastics. Coming up tonight (0:30 GMT) is Aussie Oct retail sales expected +0.3% from -0.2%, which could potentially fail to prop the Aussie (in case of a rebound) in the event that Asian stocks take profitespecially following the negative close in Dow. And with S&P500 still failing to close above 1,120 (major 50% retracement) Aussie could be dragged lower. Shorting NZDUSD is an alternative to this trade, especially as AUDNZD is nearing the April highs. Key resistance remains at 0.9320 but downside remains ample, starting at 0.92, then 0.9110.

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