I think I shall go and have a nice dinner as it’s been a long week. Today was a waste of time and I learnt nothing from the price action during Asian trade. I’m still long AUD/USD with a stop below .9000 and I’m basically short USD/JPY through the legs but without any really strong view yet on what the big levels are.
After this week my bullish AUD/USD view has become even stronger. The big macros and hedge funds continue to sell the Aussie on the back of a non-existent China story (in my view) and the bullish USD story has taken a big hit this week meaning for me that AUD/USD should return to levels .96/.98 in coming weeks. One potential fly (or 2 in fact) are the AUD/JPY and EUR/AUD crosses which, if the break 89.50 and 1.4400 respectively, will give the AUD bears a huge boost.
Thanks for your company this week and all of your good ideas and I promise that I will start the newsletter mail-out to registrants this weekend. More hot air! Have a great weekend.