AUD Trading Outlook
I’m tending towards being bullish on the day for AUD/USD. The big real-money players in the US will be out of the market for a long Thanksgiving weekend and they’ve been heavy sellers of AUD in recent weeks. If the end-of-month demand appears then we should see a move higher today.
There is still no reason to try and pick a bottom in this AUD move, especially on the crosses. Nevertheless, if Fibo support at .9060 continues to hold stubbornly, then you can try buying with a tight stop below .9045. Resistance levels are light until .9200 so bears will need to show plenty of patience.
There is no reason to try and pick a bottom in this AUD move, especially on the crosses. AUD/USD is getting oversold so we may see some .9050/.9200 consolidation over the next few sessions especially if other major pairings like GBP/USD make big bullish breaks.
We may have a few sessions respite from the incessant AUD bearishness but if Deputy Governor Lowe ramps up the verbal intervention then we will be back to the same old script again. If bearish, try selling on approach to .9200 with tight stops and then try again at .9245/50. If bullish, be patient and wait and see what happens at .9060.
The focus should remain on the crosses and we can expect further AUD weakness. I’d be careful about getting overly bearish AUD/USD at these levels as it’s already fallen a long way. Play a .9060/.9240 range for the beginning of the week and be patient as we are currently in the middle of this range.
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