AUD Trading Outlook
More volatile range trading is the likely outcome roughly between .9100/.9160. GDP data should only have a short-term impact (unless it’s very wide of the expected mark) but I’m sticking to my short-term bullish bias.
We should see plenty of volatility today with major risk events for the AUD. I think we may see the AUD make further gains against the JPY and EUR in particular but if AUD/USD breaks below .9050, then the AUD bears will return.
I’m again tending towards playing AUD/USD from the long side intraday but I’m not overly confident, given the spate of risk events over the next few days. We are opening near .9125 so I favour being patient and looking to buy dips towards .9080 with stops below .9040 looking for a rally over the next 24 hours towards .9230.
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