The Market In Brief:
Market Events Due:
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AUDUSD: Closed Friday having spent the previous 24 hours gaining then losing 100 points. The FOMC’s inaction has the market now forecasting there’ll be a Christmas hike; and so are reluctant to take this pair too high ahead of Fed Chairwoman Yellens’ speech on Friday morning and US GDP Friday night. On the charts we need to break through previous support now resistance levels that should then result in a 0.75c target.
AUDEUR: Pushed back up to highs that have held for the last month as the market waits on the 5th Greek election in 6 years. French and German Manufacturing come on Wednesday, with German Ifo Business Climate Survey on Thursday. With no domestic data, then said highs should hold until then, at least.
AUDGBP: Rejected the recent lows, being the 50% retracement of the month long range. There is no major UK data due at all this week, so we do not expect a break therefore meaning importers and exporters have their target levels.
AUDNZD: Closed the day 1 cent off its late Asian session highs as importers jumped on levels that have failed to break in over 2 months, being the 50% retracement of the selloff seen since mid-March. NZ Trade Balance numbers are expected to be weaker on Wednesday and so should at least keep us range bound if not pushing on higher. Our medium term target sits 3 cents above.
QUOTE OF THE DAY: All great truths begin as blasphemies. George Bernard Shaw
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