Sell USD rallies intraday
It’s Friday in Asia, which 9 times out of 10 means that nothing happens but we also have the unpredictable 1 out of 10 to deal with. Many of the big macro funds will only initiate trades after the NY close so there is always the possibility of some movement after big events like the FOMC. Selling USD is the obvious play and with risk definitely on again, buying the AUD looks obvious as well. Don’t get too carried away with bullish AUD/USD imho as the economic news out of China is still rather downbeat but we should at least get a few more sessions of bullish AUD/USD sentiment.
Resistance in AUD/USD is clear at 1.0615 and I’d expect support to be now very firm around 1.0485/1.0500, with clear buy-dips bias for now.
If USD/JPY is your weapon of choice, then 78.20 is the obvious bearish entry level or yesterday’s high at 77.85 ahead of there.
EUR/USD should find support near the previous technical resistance level at 1.2935.