I thought I’d do the AUD levels first today, just for a change … but here comes the real deal :-):
For those that missed the news, Bernanke is scheduled to speak at 2100GMT (about 22 hours from now). The market is looking to this speech for clarification of the FOMC minutes that suggested a less dovish tone than expected. I think its real simple … in summary its loose policy until 6.5% unemployment or 2.5% inflation … but the market wants more confirmation. We’ll see what Bernanke says.
Topside:
- 1.3450/80 is a wide selling band.
- 1.3380/90 is initial selling today
Downside:
- 1.3325/35 is initial buying today
- More bids at 1.3305/15 and again more at 1.3290/00
- 1.3275/85 and down through 1.3250, with stops below 1.3250
