AUD/USD: Looking for some range trading opportunities this week

  • It will be a quiet week for the AUD on the economic calendar and movements will be driven by commodity and equity markets as well as positional adjustments.
  • The iron ore price has stabilised near $80 and the longer that this price consolidation continues, the more likely AUD shorts are to start covering.
  • Risk sentiment seems to be improving across global markets, another potentially positive sign for the AUD.
  • On the downside for AUD/USD, the trend is very bearish and we are currently seeing a sideways consolidation of this.

I’m looking to play the edges of a wide .8680/.8930 range with a mild bullish bias for the week.

Leave a Reply

Your email address will not be published. Required fields are marked *