AUD/USD
The AUD is refusing to stop its uptrend!! in order to understand the change this pair has made an increase of more than 41% in the last 7 month. We can now see very clearly how this pair continues to move in an uptrend. Moreover we continue to receive good results from Australia that continue to support this uptrend while the US results continue to be mixed.
In a country where agriculture and mining products constitute 60% of exports, it is crucial for us to understand the dramatic impact that commodities have on the currency market and specifically on the Aussie dollar (see this week’s blogs entry talking about the gold). Besides, Australia’s geographic position allows it to maintain trade relations with emerging markets in South-East Asia where trade is done in Aussie dollar not USD, thus continuing to support its uptrend.
In other word, we have more people buying the AUD and selling the USD.
Keep looking at the charts and look for the fundamental announcement coming from Australia and the US that can directly affect this pair
In the case of this pair we will not put any indictors on the chart but rather we will put 2 lines on that chart and view how simple and easy this uptrend is to analyze and see. We will continue to observe this pair closely heading into the fourth and final quarter of the year.
Fundamentals: We have a few announcements today that will affect the market.
Coming from United Kingdom we have the “PPI Input M/M”. The previous announcement was 2.2% and the forecast for today is -0.9%. (08:30 GMT). A few more announcements are also coming. One is from Canada and it’s the “Employment Change” which will be released at 11:00 GMT. The previous announcement was 27.1K and the forecast for today is 4.9K. We also have the “Unemployment Rate” coming from Canada, the previous announcement was 8.7% and the forecast for today is 8.8% (11:00 GMT). From the US we will have the “Trade Balance” previous announcement was -32.0B and the forecast for today is -32.8B (12:30 GMT). Also don’t miss the “BOC Business Outlook Survey” AT (13:00 GMT).
