AUD/USD: Topside pressure should increase as AUD/JPY nears 90.00

The JPY crosses are weak in the face of heavy positional liquidation and AUD/JPY is drifting towards the lower end of its consolidation channel 90.00/93.50. I don’t think we are in a mass risk-off market so I’d expect support levels in the Yen crosses to be respected. That means that the AUD/USD should come under increasing topside pressure as the cross nears its support levels.

If you are tempted to sell near .9325/50 then keep stops tight but I for one am sticking with my long position.

  1. Me too for the moment but I think this week will see some interesting moves in a number of markets. In particular from my point of view, gold is at an important juncture up against some strong medium term resistance but with bullish fundamentals and price action suggesting at least an attempt at breaking higher.

    Update for my gold analysis at my blog is available at:

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