The market remains generally pessimistic on the AUD in my opinion, with most traders that I speak with preferring to sell rallies rather than buy dips. The offers up around .9325/50 were very solid indeed with professional speculators happy to sell alongside option players (re-loading after buying ahead of .9200).
The short-term range is therefore pretty clear now at .9200/.9350 and I don’t see any reason to be overly bullish or bearish whilst in the midst of this range.
My medium-term view remains the same, namely to buy bigger dips towards .9125/50 in expectation of the next bigger bounce but my confidence in this view is fading slightly due to the ever dwindling momentum in the market.