AUD Trading Outlook
INTRADAY CONCLUSION: The AUD has fallen a long way on some of the crosses but the volumes are still very large and mainly AUD negative. I prefer pick a wide range in AUD/USD and play that with a mild bearish bias.
INTRADAY CONCLUSION: Selling rallies in the AUD is the safest bet at the moment whilst this very bearish phase is on-going. Long-term AUD long positions are still being cleaned out and as long as this is happening, its pointless fighting the trend. On the day, .9500/.9600 should probably cover it depending on how big the option defence is.
INTRADAY CONCLUSION: It is likely to be volatile today with positional adjustment ahead of the RBA decision at 2:30 pm Sydney time. AUD/USD is still in a downtrend but this has started to reverse aggressively so both sides of the market are vulnerable. I’d suggest playing the edges of a .9700/.9850 intraday range.
INTRADAY CONCLUSION: Range trading today; AUD/JPY has important technical points reasonably close to the opening levels and any interest to sell AUD/USD rallies is likely to be counter-balanced by flows in pairs like AUD/NZD, where short-covering has set in. I’m tipping another 100 pip day, .9560/.9660 in AUD/USD.
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