Australian Dollar Under Pressure As Growth Concerns Emerge
The AUD/USD’s break below 0.9000 triggered my short trade from Monday which was nearly stopped out by yesterday’s spike higher. A return of risk aversion has the trade back in the black but we are starting to see support again at 0.8900 which has me considering taking partial profits at this time. A break below the psychological level would reinforce my bearish bias, as we are starting to see concerns that global growth may stall as governments begin to take extreme austerity measures in order to avoid following Greece down the path of lower credit ratings and higher borrowing costs.
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