Australian jobs data main risk event this morning
- AUD/USD short-term chart looks moderately bullish although its not at attractive levels for buying (see chart);
- If bullish, prefer to wait and see if initial technical support levels hold near .9400/10 or preferably wait for stronger levels near .9335/50;
- Risk-reward would seem to favour the bears in short-term, with recent highs above .9500 still capping;
- AUD/NZD has looked bullish for days but the failure to re-gain 1.14 will surely be worrying the bulls and stops below 1.1300 could come into view;
- GBP/AUD broke below support at 1.6860/70 but failed to test further levels near 1.6800.
I still think the safest way to play AUD/USD is to wait for big dips and buy into them but intraday players might have more joy selling short-term rallies.