AUD Trading Outlook
INTRADAY CONCLUSION: Yesterday’s bearish momentum took me by surprise and the fact that we have seen little or no bounce makes me think that the bears will remain in control for now. Previous support between .9850/70 is the first resistance level and should cap intraday rallies whereas a clean break below .9800 will lead to an increase in bearish momentum.
INTRADAY CONCLUSION: Looks like we should get some range trading today between .9870/.9920 and only a break outside of a .9850/.9940 range will add momentum in either direction. Best to stick with the bearish bias until proven wrong although I did cover some of my AUD short exposure overnight as it’s starting to feel oversold.
INTRADAY CONCLUSION: Obviously the bears are still in complete control in AUD/USD but I wouldn’t be chasing it lower from current levels near .9900. I’d again look to play a 100-pip daily range, broadly between .9850 and .9950. Minor Australian economic data should not have any impact.
INTRADAY CONCLUSION: I’d look to play a broad 100 pip range ahead of tonight’s budget, probably between .9875/.9975. Sentiment is still bearish but we’ve come quite a long way already in recent days so there will be profit-taking interest on dips.
Go to Australian Dollar (AUD) Archive