AUD/USD: Corporate demand returns but still feels heavy (play .8825/.9125 range)
- Speculators are heading for the sidelines ahead of the FOMC which will be a big risk event for pairs like AUD/USD;
- Real-money funds are still looking to sell into any big rallies but corporate end-of-year buyers have started to appear;
- Technically I’d expect resistance to be very firm near the 21-dma at .9125 and the bearish channel has a base now near .8825 which should provide support;
- We are close to the middle of these edges at the moment so there are no easy trades.