A$US$ breaks up through the channel
Good morning all;
AUDUSD: US unemployment ticked up from 3.8% to 4% and US Wage Price Inflation stayed flat, disappointing those favouring the US$ and their hoped for Fed interest rate hike in September. The result saw the A$ break up through the recent downward channel and interestingly the US Dollar index, which measures the Greenbacks performance against a basket of 6 currencies, hit it’s lowest level since mid-June. There was no pullback – as one might expect in the midst of a trade war and heading into the weekend - so with no meaningful economic data due until mid-month the week ahead will focus on the charts and we could see the recent highs now acting as support for a continued push higher.
My forecast remains for a recovery past 0.7450 towards 0.75c to 0.77c, being last months highs.
M: 0415 066 468