Tuesday, July 22, 2014

AUDUSD Forecast for 22 July 2014

COT Sentiment: Bullish

Daily Technical Analysis: Slightly bullish. I'm still retaining technical outlook from 21st July 2014 although I'm becoming a little more bearish after yesterday.

Fundamental Analysis: Neutral. No changes in fundamentals.

Upcoming News Releases: A few RBA speeches are being held today. Major speech from RBA Governor Glenn Stevens.

Forecast: The major news item coming out today is RBA Governor Glenn Steven's speech. Naturally, he will talk down the AUD and maybe say the right key words in his speech to trigger some shorts and run some stops. I expect price to run down to 0.93200-0.93300 if this does occur. It will then find support and hopefully trap any news traders who didn't cover their shorts, so I expect a moderate rebound later in the day (perhaps 20-30 pips). I expect price to be close to ATR(14) today, or about 55 pips. 

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