AUDUSD BALANCING ACT

 

 

The AUDUSD followed risk lower on Monday and the pair broke below key support at 1.03.  On Wednesday the release of the AUD CPI and China PMI reports could influence the future direction of this pair.  The cross is currently resting on top of the ascending trend line from October 9th.  A break of this level opens the pair up to another run at 1.02 followed by October's lows at 1.0150.  If the data is encouraging the cross could see a rebound from Tuesdays loses.  Resistance starts at 1.03 followed by 1.0386.

Sup             1.02                   1.0150

Res              1.03                   1.0390

Keane Plan...Will be watching the PX at the descending trend line at 1.0250

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