AUD/USD: Expect plenty of intraday volatility, possibly a 200-pip day
The USD has turned bearish in the short-term, the AUD remains bearish on the crosses, and we are expecting heavy end-of-month flows; sounds like a perfect recipe for volatility.
I think we may see both sides of the .9580/.9700 range but my short-term bias is turning slightly bullish given the turn against the USD overnight. I’ve posted the short-term chart in the members but it would not surprise me if we saw a 200 pip range in the AUD/USD today (wishful thinking perhaps).
I will buy any big intraday dips to .9580/90, but I won’t try selling at .9700, preferring to wait for intraday spikes to .9775 before considering a short-term short trade.