AUD/USD: Offers nearby

Local interbank dealers say that there is some selling interest close-by near 1.0435 but overall the order boards are quite light. The economic calendar is quite light with only Chinese leading indicators likely to cause any short-term volatility.

I’m still bearish this pair and I am in the process of building a short position, hoping for a sharp bearish break. I expect 1.0470/80 to cap any intraday rallies and my initial target is 1.0340.

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