AUD Trading Outlook
INTRADAY CONCLUSION: Stay in range-trading mode in the AUD/USD; corporate flows are expected to be net AUD/USD sellers but real-money funds have solid bids on dips. I’d suggest a .9335/.9395 type range, 30 pips either side of opening levels.
INTRADAY CONCLUSION: I think the bears might have a try at pushing the AUD lower, especially if stockmarkets stay soft and AUD/JPY attracts more sellers. If this does happen, it will more likely come from a weaker USD/JPY rather than a big fall in the AUD/USD. At current levels, I prefer to stay in buy-AUD-dip camp.
INTRADAY CONCLUSION: Price action remains bullish in the AUD/USD, in my view, and I see any risk now ahead of the Fed as being to the topside. The macro market is short of AUD/USD and we must see if they can hold their nerve. Buy intraday dips to .9320/30 looking for a test of .9400.
INTRADAY CONCLUSION: Once the stop-loss runs have died down, it still makes sense to sell the AUD on rallies against the EUR and GBP in particular. AUD/USD sentiment could change significantly if we get a strong close above .9350.
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