AUD staying very weak across the board; look to crosses for intraday hints
- AUD/NZD looks to have begun its next leg lower after breaking below 1.1735; next target 1.1500. This pair is very unlikely to fall in a straight line so look to trade 1.1500/1.1750 in coming sessions.
- AUD/USD has closed back below .9100 and Australian importers were noted sellers when this level broke yesterday afternoon. I’d expect to see sideways-weakness in coming sessions.
- EUR/AUD is knocking on 1.4400 weekly resistance again, and this despite some heavy selling by macro funds earlier in the week.
- AUD/JPY has also reversed recent gains and we need to watch important support at 89.50.
The US is on holiday later today and they will probably turn it into a long weekend so I’m expecting a few quieter days in the FX market.
It’s hard to guess what the trading ranges will be in the AUD/USD so I prefer to watch the crosses for hints as to intraday moves.