AUD starting to look oversold on the crosses
- AUD/NZD is way too low, with mid-range values for last 20 years around 1.18/1.20;
- AUD/JPY is another pair soon set to rally imho with super strong technical support at 90.00;
- GBP/AUD has just reached it’s first technical target at 1.8500 and another big one is looming (38.2% of entire downmove from 2.60) around 1.8800;
- AUD/USD triggered large stops below .8850 but immediately bounced. It’s certainly in a bearish channel but is seriously oversold.
I’m not saying this is the exact bottom for the AUD but I think we are getting close.