AUD,NZD/FXWW News

AUD/USD: Playing from long side to start the week

  • GPIF news from the weekend will have an impact on AUD/JPY sentiment;
  • There is still expected to be some residual interest from Sovereign players to buy AUD/USD for bond issuances;
  • Charts show short-term consolidation between .8650/.8850.

The market has opened around .8760 this morning and I’m playing this pair with a bullish bias.

  1. USD$0.8760 is the point of control of the recent profile suggesting for the moment it has found equilibrium.

    The next destabilising move in price is meant to start from the point of control. On that basis it is worth waiting for that move to start. Maybe to JPY moves are an early sign but momentum is for lower prices (recent trend) so I am sitting on my hands.

    A return to risk off price action in equities would not be supportive to AUD.

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