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AUD/USD Looks Bearish For Now

Sameer Kapoor 2 May 2013

AUD/USD is under pressure, having fallen sharply in the last 12 hours on speculation of possible coming rate cut from the RBA after worse than expected Chinese PMI figures (50.6 vs. 50.8 exp). Pair also extended lower after a sell-off on US stocks futures caused by bad U. S. ADP Nonfarm Employment numbers; 119K vs. 154K.

From a technical point of view AUD/USD has a nice pattern here; three waves up to 1.0380 followed by a sharp drop through the lower support line of a corrective channel. That’s a very nice clear bearish signal for the pair, so traders can consider shorts while the market is trading below critical level. We are considering new alert for members but it seems we will have to wait on FOMC statement and rate decision first.