AUD/USD: More topside likely, targeting .80 cents
There has been a lot of AUD and NZD bought in the last week and this mainly real-money demand is starting to have an impact. After last week’s moves in the GBP, we cannot rule out any sort of silly market gaps and I believe that the structural speculative shorts in AUD, NZD and CAD are very vulnerable.
Any intraday dips to .7670/80 are now clear buying opportunities in my biased opinion. I’m not sure which level will trigger any bullish acceleration but it could happen as soon as a .7760 break.