AUD/USD still looks strong but offers reported nearby

As we saw in yesterday’s hedge fund positioning report, the professional market is short AUD and it sure smells that way as well. The reaction to the jobs report was a dead giveaway and I suspect that more gains are around the corner. That said, offers should be particularly solid near 1.0310/20 and that should slow bullish momentum in the first instance. Remember, there has been a lot of bond buying over the last few days and that creates demand for the AUD.

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