Although a poor start to the Aussie last week due to S & P downgrading of 9 European countries, it bounced back very quickly due to good news out of China.
The major driver this week will be data out of the US. On Thursday, we have Pending Home Sales, Core Durable Goods Orders, Unemployment Claims and New Home Sales.
The EUR/USD has seen traders digging into it with a bit more appetite last week. The bulls were able to see this major rally over 300 pips from weekly lows. Is this a most looked for revision of trend, or just a temporary movement?
What to watch for: Even though it will be a quiet week as the Asian market is closed, there is a lot of US data out later on in the week, as well as the major CPI for Australia due on Wednesday.
Euro volatility will be on everybody’s mind. Technically a break of 1700 will be needed to test the medium downtrend.
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AUD/USD: Can’t Keep a Good Thing Down
Published 01/23/2012, 07:55 PM
Updated 03/09/2019, 08:30 AM
AUD/USD: Can’t Keep a Good Thing Down
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