The commodity currencies are all under pressure, even with stocks and the larger FX pairs moving sideways.
AUD/USD was in focus yesterday because of the textbook bearish pattern on the chart. Today was a chance to survey if dip buyers were waiting in the weeds for a minor AUD/USD correction. Given the upbeat Chinese PMI, they had a reason to buy and are choosing to stay on the sidelines. That points to a deeper pullback.
There are bids at 0.9560/50, that are said to be strong. The level I’m focused on is 0.9529, which was the September high.
AUDUSD daily
I think the trade is to buy the dip. The question is: where?