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.