AUD/USD: Heavy interest both sides of market
- Large bids are being reported towards .8000 which suggests significant optionality. There will be stops below there but local banks here in Australia seem to be of the opinion that these levels will be tough to breach.
- Prime brokers are not reporting many topside trailing stops, which is interesting heading into the NFP.
Looks to me that we could get some sideways trading between .8000/.8150 in coming sessions and if you really want to buy the AUD, then preferably on the crosses.