I have cut my AUD/USD longs for a respectable profit as the signs start to mount that the current rally is flagging. The EUR/USD has now made a terminal move south in my opinion and if that continues, then the AUD/USD will have trouble rallying too far. From a technical perspective, the move back below the 20-day MA is always a bit of a momentum killer for the Aussie so I’m getting out and will look for other opportunities.
Latest New Zealand GDP figures are due for release in about 40 minutes. The RBA assistant governor will speak in about 3 hours.
Good luck today.
