AUD/USD: 0.7170EUR/USD: 1.1245The firm US GDP revision saw the dollar continue its recovery today. The main action again lay in the stock markets, which had another positive session and also in Oil where WTI had a 10% squeeze up to $42pb. Today sees the release of the UK Provisional GDP, the German CPI, EU Business Climate, Industrial Confidence and the US Personal Consumption/Expenditure. The Jackson Hole Symposium also continues into the weekend.
The Aud has drifted a little higher, as hinted at by the short term bullish divergence that we outlined yesterday, but has been largely an uninterested spectator of the action going on elsewhere.
There is no change in the points to watch. A topside move will see sellers at around the session high at 0.7180 and then at 0.7200 (minor) ahead of 0.7250. A break of this would encounter further offers at 0.7300/10 but currently looks unlikely.
Buyers will arrive at 0.7150, 0.7130 and at 0.7100, beneath which would open the way to the previous session low at 0.7070 and then to the trend low at 0.7037. Below this would see a run to 0.7000 and lower, where the next support would arrive at 0.6952 (April 2009 low) but seems unlikely to be seen yet.
Jim LanglandsFX Charts
