Obviously I’m very biased as I’m trying to build a long position but the fact that AUD/USD has edged higher overnight despite a lower EUR/USD and lower metal prices suggests to me that the bears have completely run out of momentum. If the AUD/USD rallies hard on the next piece of good news then we might really be on to something.
I might be wrong and we simply are in an extended .8900/.9150 sideways consolidation so I’m not getting overly aggressive just yet.
Japan is closed today which should ensure a quieter-than-usual session and with little on the economic calendar during Asian trade, we will rely on risk-sentiment and flows for direction.
Good luck today and TGIF.