AUD Trading Outlook
INTRADAY CONCLUSION: Looks like we should get some range trading today between .9870/.9920 and only a break outside of a .9850/.9940 range will add momentum in either direction. Best to stick with the bearish bias until proven wrong although I did cover some of my AUD short exposure overnight as it’s starting to feel oversold.
INTRADAY CONCLUSION: Obviously the bears are still in complete control in AUD/USD but I wouldn’t be chasing it lower from current levels near .9900. I’d again look to play a 100-pip daily range, broadly between .9850 and .9950. Minor Australian economic data should not have any impact.
INTRADAY CONCLUSION: I’d look to play a broad 100 pip range ahead of tonight’s budget, probably between .9875/.9975. Sentiment is still bearish but we’ve come quite a long way already in recent days so there will be profit-taking interest on dips.
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