BOAFX Monday 28/9/15 Analysis AUD/USD



Fundamentals: - There has not been any new information coming from the RBA over the past week and the economic calendar is looking light for the coming week as well. The slowdown in growth in China has had an effect on the Aussie which was the main instigator of the downtrend last week; which put an end to our rally expectations. We could see consolidation creep in early in the week before further downside towards the end of the week with the NFP likely to be better than previous results.

Technical’s: As anticipated by last weeks’ analysis we sold off on the aussie down to the 7000 level, at the end of the week we started to retrace a bit and this could continue next week, if price pulls back to the 7100 look for rejection and a re-sell targeting the 6900, if we broke above the 7100 level be patient and wait for price action rejection to sell again. I would only consider buying this pair if we go above the 7300 level, the chances of that are very minimal at this point.