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AUD/USD Range Setup (July 25, 2013)
AUD/USD suffered a heavy selloff in yesterday’s trading, as the .9300 handle held as strong resistance and pushed the pair to the middle of its range.
Weak Chinese PMI was the culprit for the selloff, as the HSBC figure printed a deeper contraction for July. However, the quarterly inflation report from Australia came in line with consensus and printed a 0.4% uptick in price levels.
AUD/USD could be on its way to test the bottom of the range and, if you’re in the bear camp, you can still catch a short trade from its current levels or on a shorter-term retracement until .9050. On the other hand, if you’re in the bull camp, you can wait for a test of .9050 before going long.
Stochastic is already in the oversold region but hasn’t quite moved up yet, which suggests that the selling pressure is still there but it could run out soon.
By Kate Curtis from Trader's Way
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