AUD – USD
AUD gave back most of its gains against the dollar on Monday, after reporting a higher than expected trade deficit figures in the early morning hours. It is now however sited at a support level around 0.9434. Fundamental outlook favors a bounce off that level at 61.8 Fibonnaci level to retest resistance at 0.9500.
However, event risk from US and AUSSIE economic data coming out on Thursday still remains an ever present downside risk for the pair to tick to lower support levels. Fundamental as well as seasonal outlooks medium terms is however on the side of the Aussie given the overall USD malaise that continues unabated against all majors in the past six weeks and primed to continue into the foreseeable future.
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