AUD/USD: Time to book some profit me-thinks
I’m still very bearish but I got in at very good levels last Friday so it makes sense to take some profit off the table here at 1.0355 and look for better levels to sell at over the next few sessions. There are large stops waiting below 1.0330 but the 200-day MA is just ahead of there and keeping them safe. If the asset manager buying turns out to be significant then we could be back at 1.0425 pretty quickly. I’ll stick with my core short position until Friday as I expect it will eventually fall to the 1.0270ish level.