AUD,NZD/Flows and Orders/FXWW News/Technical Analysis/Trade Ideas

AUD crosses sitting right on resistance levels

  • AUD/USD technical target looming at .9720 (see chart);
  • AUD/JPY has broken above recent highs at 94.40 but is stalling ahead of the 200-dma at 94.70;
  • EUR/AUD is sitting right on short-term support levels at 1.4130 (see chart);
  • Real-money funds still the main buyers in AUD/USD;
  • USD sentiment remains very bearish and risk sentiment is moderately bullish, all good signs for the AUD/USD bulls.

As always, have a read around and see if the same analysts who were bearish on AUD/USD below .90 cents are now turning bullish at .97 cents. This is usually a good indicator of a short-term top. AUD/JPY looks interesting from a risk-reward perspective as long as the 200-DMA continues to cap.

I’m still in the buy-big-dip AUD/USD camp but based on the current set-up, I wouldn’t be at all surprised if we get such a dip.

  1. have ignored the aussie for few days now sean. so don’t know its levels technically but think aussie by its own cunning nature will run some more and take out many shorts before coming down again. even if it comes down it will be limited to 0.92 not more than that.

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