AUD/USD: Favours a .9420/.9520 trading range
- Previous highs turned pivot at .9520 should offer solid resistance;
- Sovereign bids expected .9410/20;
- Crosses look mixed but AUD does seem to be nearing better value levels, especially against the EUR where resistance 1.4560 should be solid (see chart);
- Minor Australian economic data today, business confidence and building permits;
- I don’t think the present market has the momentum to break new ground so range trading is preferred.