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AUDUSD – A Top in Place?
The Aussie was the worst performing currency in the G-10 universe today as it crashed for more than 100 points after the AU employment recorded a whopping -53K loss in full time jobs. As we noted earlier, “the overall report was not positive for the labor markets and suggests that some sort of slowdown in Australian is clearly occurring. Whether this surprising decline in employment growth will be enough to nudge the RBA off its neutral stance remains to be seen. Most analysts believe that the central bank will ignore the data unless there emerges a pattern of at least three months of sub-par growth.”
Meanwhile the pair has made clear triple top at the .7750 level and now becomes a sell the rally trade as it likely travels to the lower part of the range at the .7450 level over the next several weeks.