AUD/USD recovery still in play buy dips
Although we have had a choppy last few weeks we are still seeing higher lows and respect for the general recovery trade. 0.7150 important support area and ideally we turn above here. Targets on Topside is 0.7300 and 0.7500 if get extention.
Stock markets in general going up will support this trade so any big risk off moves will set back the AUD but in the coming weeks we have 2 potentially key supportive news coming up.
Australian Q4 inflation will be out next week and could rock the RBA who doesn't want to see inflation above 3%.
Also we expect the current omicron wave to peak and case numbers to drop sharply and this could trigger a post covid relief rally.
The sellers are banking on high US interest rates to support the USD or for major supply chain issues to create downside for stocks that overwhelm support for AUD. China stories are the ones that matter most here.
Stock markets in general going up will support this trade so any big risk off moves will set back the AUD but in the coming weeks we have 2 potentially key supportive news coming up.
Australian Q4 inflation will be out next week and could rock the RBA who doesn't want to see inflation above 3%.
Also we expect the current omicron wave to peak and case numbers to drop sharply and this could trigger a post covid relief rally.
The sellers are banking on high US interest rates to support the USD or for major supply chain issues to create downside for stocks that overwhelm support for AUD. China stories are the ones that matter most here.
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