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Coleman: Further downside in AUDUSD

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Ian Coleman from First 4 Trading is looking for the downward pressure in AUDUSD to continue this morning. Technical indicators such as a bearish Head and Shoulders pattern, which has now broken to the downside, suggest further scope for downward momentum. AUD prices fell earlier in the week after the release of worrying economic data out of China, Australia’s largest trading partner. The latest HSBC flash PMI report showed that Chinese manufacturing retracted to an 11-month low, pushing AUDUSD from its two-month high of USD 0.7939.

Ian is looking to sell at the market open and at USD 0.7830. His two targets for the trade are USD 0.7770 and USD 0.7750. A Stop can be placed at USD 0.7860.

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