The chance of a Brexit deal coincides with slightly weaker US data and that has the USD on the back foot. On top of that a string of slightly positive data on the AUD (employment) & NZD (CPI) has the AUDUSD & NZDUSD breaking to the topside. There is no resistance for either pair in sight so the potential for a major short squeeze is huge. All we need is strong Chinese data and I believe we’ll get the move!
Trade Set Up Details
No Trade. The Chinese data just didn’t roll our way.
The Industrial Output data was stronger but GDP slightly weaker and that holds more weight. The GDP data is at 30 year lows so that may slow the topside move in AUDUSD. It won’t stop it but it will slow it down somewhat.
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