Weekly Descending Channel to hold or Break to upside this time ?
US dollar has historically been strong the last quarter of the year as evidenced by Dollar index. However, we are not seeing poor manufacturing data , question is will we see a series of detrimental data that would force feds to go on a lower rates race or not ? RBA is now at .75% cash rate, if fed goes lower the rate differential should shrink. Eventually we might see a recovery in AUD, but when that's the question
For now, we can use the channel as a reference and stay short on rejection at .6900 and buy on .66oo levels . In the absence of major fundamental we simply trade the range
For now, we can use the channel as a reference and stay short on rejection at .6900 and buy on .66oo levels . In the absence of major fundamental we simply trade the range
