AUD/USD: Back below .9500 in thin trading conditions
The story doing the rounds is that one of the big local banks is working through a very large AUD sell order, primarily against the EUR, and that this order may take weeks to finally execute. Hence the marked weakness in the AUD during the Asian trading session. AUD/USD is back below .9500 and I’m sooo grateful that I got out of my stale longs on last night’s rally. Often the best trades from a psychological perspective are the loss-minimisation trades.
I’m looking to a .9400/.9750 trading range during this wide consolidation period.