AUD/USD: .9280 looming as vital psychological level
The RBA will stay on hold today and given the conflicting global factors (rising US rates but a slow-down in China), I’d expect the subsequent statement to hold no surprises either.
- AUD/USD; we saw heavy buying last Friday near .9280 which the market soaked up and then collapsed by 160 pips. This level will be very important from a psychological perspective and if the bulls regain it then I would revert to dip-buying mode. Next solid technical resistance is at .9340.
- AUD/JPY looks to be forming a rounding base and with major technical support holding at 89.50, the immediate outlook here is starting to look bullish.