• We’ve been stuck in a .92/.95 range for the last 4 months and I don’t see this changing any-time soon;
  • The market seems to be trying to convince itself to turn bullish on the USD but most moves seem to turn into cross moves eventually (AUD/NZD, EUR/GBP) suggesting to me that traders don’t have the stomach right now to take on any extended risk;
  • AUD/NZD does look very soft to me and I’m looking for any shallow rallies pre-RBA preceding a dip back towards 1.0700ish;
  • I’ve read some Elliot-wavers and momentum models calling a base in EUR/AUD, so that’s also worth watching.