AUD,NZD/Trade Ideas

AUD/USD session outlook: Risk-reward favours buying dips

audusd1h     With Japan and China closed today, it should be relatively quiet in Asia, with only potential fiscal-cliff headlines to create volatility.

AUD/USD looks to have formed a short-term base near 1.0350 so risk-reward would suggest buying dips towards there with a tight stop below 1.0340 as a sensible strategy. This pair is in range-trading mode so don’t be too optimistic on the topside, an 80-100 pip profit target seems reasonable.

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