AUD,NZD/Trade Ideas

AUD/USD: Still short but its time to cover partially I think

The AUD looks fairly heavy this morning but then again it looked really well bid at 1.0470 as well a few short sessions ago! I’m short and overall am still happy to be short but I think we may see higher levels again before the big sell-off materialises (if at all). Reserve managers are expected to appear at 1.0350 so I’m not going to wait around for them; I’ve taken smalls back at 1.0386 and will buy more smalls at 1.0370ish and then see what happens from there.

  1. Agreed Sean. but whenever it rallies now it is just to cover those orders. I am observing it for the past 2 days now. Just yesterday from nowhere it rallied to 1.0442 from 1.0412 in US session and then all the way down to 1.0416. so i am sure this is order book filling. there are no fundamentals behind this move. I think RBA sitting above 1.0440 on the offers capping it

  2. I’m long AUDUSD since 1.0430 yesterday. Didn’t expect the pair to go below 1.0390, but early Asian market Kiwis and Roos did the stop hunt dance as usual. Expected 1.0380 to hold which it did. Now looking nicely bid! Gold is well bid which usually correlates to a strong AUD.

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