U.S. Housing Starts Report will Dictate the Direction of the AUD USD

Published 10/15/2008, 08:00 PM
Updated 05/14/2017, 06:45 AM

The AUD USD rallied on Thursday which may have been a successful test of the recent bottom at .6328.  The strong reversal in the stock market increased demand for higher yielding assets.  This is an indication that the global financial system may be stabilizing and traders may be gaining the confidence to take on more risk.  A follow through rally on Friday will be a strong indication that this market is getting ready to rally.  A trade through .7237 will turn the main trend to up. Trader demand for risk will increase if the U.S. Building Permits or Housing Starts Reports turn out bullish. This news should trigger the start of a rally.

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