AUD Trading Outlook
INTRADAY CONCLUSION: I’m still stubbornly sticking to my ‘base-picking’ view in the AUD/USD and I prefer to buy dips, both on intraday and more medium term basis. Buy on the day near .9170 for a test of .9300.
INTRADAY CONCLUSION: Buy intraday dips to .9180 for a re-test of .9300. Alternatively, the bears can try selling any rallies towards .9300 with stops above .9350. I’m sticking with my bullish bias; I think the AUD will eventually break back higher towards .96/.98.
INTRADAY CONCLUSION: I’m still of the view that the most immediate risk to the AUD/USD is to the topside if/when we get a short-covering rally. Play the edges of the .90/.92 trading range and I prefer the bullish bias.
INTRADAY CONCLUSION: The Chinese GDP data will determine what happens to the AUD in the short-term. The market is bearish and selling on the crosses has picked up steam. Nevertheless the bids at .9000 were very strong indeed on Friday night. Keep a close eye on the crosses like EUR/AUD and AUD/JPY, as much of the action is happening there.
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