AUD outlook: Friday August 2nd; selling rallies favoured on crosses
- AUD/USD: Failure to re-take prior lows at .9010/35 has the bears still in technical control.
- AUD/JPY: Sharp profit-taking recovery underway but there is very strong technical resistance ahead at 89.30/50 (see chart).
- AUD/NZD: Got tantalisingly close to 1.1200 and has since bounced by over 100 pips on the back of heavy profit taking.
Overall it looks like a day for healthy swing trades in the AUD, especially with the NFP lottery later tonight.