• I’m hoping I might have managed to pick that elusive bottom yesterday;
  • The hourly chart is trying to form a base now above 1.0800 (see chart);
  • Short-term resistance is at 1.0880 but a break above there will bring my initial target at 1.10 quickly into view;
  • My sense is that the speculative market is short AUD and we may see a gentle squeeze across the board ahead of next week’s holidays.