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AUD awaits building approvals number

By   || January 5, 2010 at 22:23 GMT
|| 1 comment || Add comment

Morning all,

The AUD was unable to break higher overnight and once again the level on top to watch is the 9165-70 area. Range traders looking to buy 9090-9100, but critical support not until 9040. The building approvals number is keenly awaited, for further clues to interest rate hikes. Forecast for the November reading is +3% MoM and a number much greater than that, will see speculation about a February rate hike grow.

Personally, I feel market is sitting touch long, waiting for the number. Risk is to the downside, especially if a worse than expected number is seen. Still short, with a stop above 92c.

A move down through 83.00 in AUDJPY will also see longs liquidate and will confirm a temporary top seen at 85.30 in late October.

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One Response to “AUD awaits building approvals number”

  1. Trading Nymph on January 6th, 2010 00:54 GMT

    Sam per Bloomberg the Chilie Strike has enough votes to end the strike…

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