The AUD had a bear of a day yesterday, driven by big falls in precious metals, poor Chinese data, and an overly long market. AUD/JPY bore the brunt of the fall, heading south in straight-line fashion after weeks of rising in a similar mode. There is little in the way of major support on the daily chart until 97.00 and 95.50 below there (see chart in members).
My long position from 1.2400 in EUR/AUD is looking a lot stronger and my partial-profit target at 1.2650 was hit overnight. I’ll now look to re-buy on dips on the way to my 1.3200 target.