AUD: Bullish across board but AUD/USD hitting the wall
- Strong technical break in AUD/JPY, but confirmation needed (see chart);
- Technical resistance in AUD/USD at .9060/70 holding for now (see chart);
- AUD/NZD played catch-up and is targeting first Fibo resistance at 1.1760, playing ranges favoured;
- EUR/AUD is targeting important support at 1.4350, playing ranges favoured;
- ACBs reportedly selling AUD/USD rallies as reserve re-balancing continues;
- RBA was extremely neutral yesterday, GDP data today;
Much will depend on what happens in USD/JPY I feel. If it breaks 100 then the USD will go bid across the board and that will drive AUD/USD lower initially but AUD/JPY buyers will undoubtedly be waiting to buy dips. Overall, stay long AUD ahead of election weekend but pick your levels carefully against the USD.