Aussie longs are clearing out as stops are hit through 1.05. So far the Aug. 10 low of 1.0496 is holding up. More bids seen ahead of 1.0480.
The Aussie dollar is overdue for a correction, especially on some of the crosses. Last week, we saw NZD lead the way lower and it’s now spilling over to CAD.
Copper has not confirmed a better outlook for global growth and is down 1.3% today. It remains just 3.2% from the June cycle low. There is also talk about a BoA report on a bearish head and shoulders pattern in copper.