Look to sell AUD crosses in short-term
The underlying economic story for the AUD remains questionable and this morning’s jobs data reiterates that. The AUD has had a really nice rally from 86.50 to 93.50 against the Yen but it looks like we might now settle back into some consolidation rather than break immediately higher. AUD/USD resistance at .9350 has been confirmed and the heavy corporate buying of EUR/AUD below 1.4300 has also taken its toll.
I now prefer to sell the AUD on the crosses in the short-term and GBP/AUD looks like the ideal vehicle.