AUD/USD: Looking to buy dips to .6365
Last week’s AUD trade worked out nicely but let’s not get too carried away with the bear trade; the AUD/USD is still primed for a move to .73/.74 over the next few months and I am hoping to ride the waves on the way there.
I have exited my short AUD/JPY trade and am looking for dips to reinstate my long AUD/USD trade. I am expecting some short-term consolidation between .6350/.6475 over the next few days and will trade this view with a neutral bias. Ideally I would like to be building longs for the next run higher on the .62 handle but we will have to be patient and see how long this temporary AUD bearish momentum holds for.