AUD Trading Outlook
INTRADAY CONCLUSION: I’m expecting a busy day so keep your powder dry and wait for silly moves either way; buy any large dips back towards .9580 or sell near .9700 with a very tight stop and then try selling again near .9775. There should be some large flows during the course of the day but we don’t know which flows come first.
INTRADAY CONCLUSION: Much will depend on what happens in the Nikkei and in AUD/JPY; if they both break lower then AUD/USD will be back on the 95 handle. Sentiment remains AUD bearish but speculators are short, so we could still get some short-covering rallies. Perfect conditions for range trading; buy big dips, sell big rallies.
INTRADAY CONCLUSION: I still think we will see some lengthy periods of consolidation and even if technical support at .9580 is breached, we should still see plenty of buying interest near .9550. I’d look for .9570/.9650 type range.
INTRADAY CONCLUSION: It should be an interesting session for the AUD/USD which will either need to break its short-term downtrend or its major daily support. A break either side should give us a clear indication of where the next 200 pip move is headed.
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