Aussie oomph providing room for a tactical valuation trade
=> What are we tracking here?
=> Late bears are starting to overload on shorts here and we are outguessing a temporary bottom
=> Fundamentally Australia provided very strong Q2 GDP data last week.
=> The commodity currencies will get bid across the board as we start to see a focus shift from EM vulnerability
=> We expect manufacturing data to remain steady whilst inflation and wages will be muted going forward, meaning we have room for a very technical trade here.
=> Entry at 0.68910 with initial targets for a test of 0.71385 with stops at the lower end of the 0.68xx handle at 0.68230(edited)
=> Good luck all
=> Late bears are starting to overload on shorts here and we are outguessing a temporary bottom
=> Fundamentally Australia provided very strong Q2 GDP data last week.
=> The commodity currencies will get bid across the board as we start to see a focus shift from EM vulnerability
=> We expect manufacturing data to remain steady whilst inflation and wages will be muted going forward, meaning we have room for a very technical trade here.
=> Entry at 0.68910 with initial targets for a test of 0.71385 with stops at the lower end of the 0.68xx handle at 0.68230(edited)
=> Good luck all
Comment:
First targets @ 0.707x
Trade closed: target reached
