AUD/USD: Added to longs in early trade
Of course the AUD always looks worst at the bottom and it looks so bad now, surely this must be a major low? AUD/NZD is on its knees, EUR/AUD is on its highs, but these moves are being driven by speculative market sentiment not by any major shift on the economic or political fronts.
I’ve been swing-trading my long position for a few days now and am quite comfortable increasing near .9150. I’m playing safe though, I will reduce the position sharply below .9110 as if we see those levels then we will probably get a re-test of 90 cents.