The big downside level to watch is obviously 1.0115, the spike low from early March, and dealers tell me that Sovereign bids are expected near 1.0100. The obvious topside level to watch is the prior lows 1.0220.
Looking at the crosses, EUR/AUD has broken up above 1.2900 and I’d expect AUD/NZD to now consolidate in a 1.20/1.2150 range.
My bias remains overwhelmingly bearish on the AUD and all rallies are selling opportunities!