AUD/USD: Still prefer the buy-dip strategy in short-term

The AUD/USD is back below .9800 in reaction to some irrelevant consumer confidence data which will be quickly forgotten. Overnight comments from Fed members do suggest that we will be hearing little or no mention of the word ‘tapering’ from Mr Bernanke later tonight and with the speculative market already short of AUD/USD, I’m anticipating a short-covering rally sometime in the next 24 hours.

I certainly wouldn’t rush into longs at current levels but I’m definitely prepared to buy any big intraday dips, especially if they happen in Asia. ‘Cos we know, Asia’s always wrong!

  1. Hey Yass, nice pick. I’d say 9925 is a good target; there will be trailing stops above 9885ish and if they go off we shud see tech resistance at 9925 be tested. I wouldn’t look for any more than that

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