As you well know, I’m in the sell-rally AUD/USD camp. I think the moves in EUR/AUD are very important and as an interim base is forming there, we should see more weakness in the AUD/USD overall. Yesterday’s break below 1.0600 proved to be a false one and as I mentioned yesterday, the interbank market was abuzz with all the bids that appeared suddenly. Nevertheless, I prefer to sell rallies and I’m looking to start increasing myposition again on rallies.
The first level to watch I’m told is 1.0735, where some light selling is noted, but the bigger orders are placed above 1.0780 and that’s the level I’m hoping for.
