AUD,NZD/FXWW News/Open/Wrap

AUD outlook: Risk-aversion, looming election and a double-bottom

  • Potential for a double-bottom in AUD/JPY just above major Fibo support at 86.25 (see chart). Obviously still much work to be done as it needs to break and hold above 90.10 but I really like the risk-reward here;
  • Market still in risk-aversion mode and eyeing Syria and emerging markets;
  • AUD/USD needs to break below .8845 trend lows to reinvigorate the bears or back above .9070 to threaten the down-trend;
  • I expect AUD short-covering to pick up pace as the election date nears.

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