AUD/USD: Looking to play .9550/.9725 range over coming sessions
- As mentioned below, barrier protection in AUD/JPY ahead of 95.00 is quite large;
- EUR/AUD bids near 1.4120/25 are also proving stubborn;
- Important technical resistance at .9715 in AUD/USD (see chart);
- The USD is still in a strong bear trend imho so buying big dips in AUD/USD is the obvious strategy;
- That said, the same people who were bearish below 90 cents are now turning bullish, usually a sign that the trend is fading;
Momentum and conviction is waning so look for some range trading sessions between .9550/.9725. I still think we are on the cusp of a major USD bear trend so buying deep dips is my medium-term play.