AUD/USD: 0.7075EUR/USD: 1.0975The US$ has mostly traded in consolidation mode today following the previous session's gains, despite the US Q3 GDP falling short of expectations. The main movers have been the metals, with Gold leading the way by falling $15 oz. Equities finished flat. Today could be a similar session, although there is a fair bit of data to be digested, beginning in Asia with the BOJ Meeting, while some secondary Australian/NZ data is also due. Later on, the EU CPI (Oct), Unemployment will be released ahead of the US Personal Consumption/Expenditure Price Index, Personal Income/Spending, Chicago Purchasing Managers Index, Fed’s Williams Speech, Rts/Michigan Consumer Sentiment Index (Oct).
AUDUSD has had a tough session today, unable to break higher after a slow squeeze up to 0.7118 in late Asian trade, and eventually moving back below 0.7100 in NY and heading to a low of 0.7068, with little bounce seen since.
While the 4 hour and daily charts still both point lower, further declines would see a run towards 0.7040 (76.4% of 0.6936/0.7381) and then to 0.7012 (76.4% of 0.6900/0.7381) and 0.7000. Below here seems unlikely today, but further out, rising trend support sits at 0.6985, a break of which will return to 0.6936 (29 Sept low) and 0.6900 (4 Sept low).
A reversal to the topside, would see offers, once again, at 0.7100 and then at the session high 0.7118, albeit somewhat unlikely to be seen again today, but a break of which could see a squeeze towards 0.7150/60 and then at the session high of 0.7206
Today's sees the Private Sector Credit and the PPI.
Economic data highlights will include:
Private Sector Credit, PPI.
Jim LanglandsFX Charts
