AUD Trading Outlook
INTRADAY CONCLUSION: I’m staying bearish on the AUD/USD but we need to be much more careful now with entry levels as we could easily see 100 pip spikes. With USD/JPY now above 100.00, we could see a spike in the Yen crosses and that could help rally the AUD/USD at any time. Sell big rallies in AUD/USD is still the play.
INTRADAY CONCLUSION: I think we may get a downside test in AUD/USD today, especially if the jobs data or Chinese CPI disappoint. The market has turned bearish AUD on the crosses and as long as this is the case, the AUD/USD will struggle to bounce.
INTRADAY CONCLUSION: We should see some volatility in the AUD today despite the Japanese holiday. Retail sales data may yet influence the RBA decision for tomorrow and we should see plenty of positional readjustment. I remain in the AUD bearish camp, but I prefer to trade this view through the crosses, EUR/AUD in particular.
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