AUD Trading Outlook
INTRADAY CONCLUSION: More of the same I’d say, with the gradually rising short-term consolidation trend in AUD/USD, driven mainly by AUD demand on crosses like AUD/JPY and GBP/AUD. I’d play .9260/.9360 again with tightish downside stops in case the down-trend re-emerges.
INTRADAY CONCLUSION: We’ve been seeing 100 pip ranges over the last few sessions with gradually rising bases so I’m expecting some more of the same. Perhaps a .9260/.9360 type range for the rest of today and as we are near the base of this, I’d trade with a bullish bias today in Asia.
INTRADAY CONCLUSION: I’m still bullish but remain fairly cautious. If resistance at .9325 holds then I will be quick to reduce my long position and look to re-buy on deeper dips. AUD/JPY dips should be well supported but AUD/NZD rallies will meet with plenty of selling interest. I’m guessing .9225/.9325 on the day.
INTRADAY CONCLUSION: I’m bullish. I think the AUD is heavily oversold and I expect to see some sharp rallies in coming days. Look for AUD/USD support to emerge at .9220/30 and for a base to form for next leg higher. Resistance at .9325 will prove tough initially.
INTRADAY CONCLUSION: I could probably leave the same conclusion as on Friday, with range trading expected between .9150/.9250. I think .9325 is the important level to watch now in the more medium-term, because if the bulls reclaim and hold that, then I’ll be calling a base in place.
Go to Australian Dollar (AUD) Archive