AUD: Looking heavy on the crosses
- EUR/AUD closed back above it’s previous pivot at 1.4750.
- AUD/JPY fell vertically at times yesterday.
- AUD/USD was stalled by Sovereign bids yesterday ahead below .9040 but has failed to bounce much.
I remain long of AUD/USD with a stop below .8950 as I feel we will get extended range trading between .90/.93 ahead of the general election. The present risk environment is obviously against this trade but excessive short-positioning and the risk-reward ratio are both in my favour.