Regardless of what happens in Europe, the AUD/USD market seems likely to stay in range trading mode for yet another week. Plenty of selling interest starting at 1.0480 and getting heavier near 1.0510/20 should prove tough to crack. Even if EUR/USD does break cleanly above 1.3000, perhaps we see a big EUR/AUD move? Bids are reported in AUD/USD starting at 1.0420 and the reserve managers will undoubtedly appear somewhere in the mid 1.0300’s.
