Just when you thought it was safe to buy the aussie
AUD/USD touched 0.7781 a few moments ago as it continued the cascade from the 0.7849 highs overnight
AUD/USD hourly chart
Commodities are looking generally soft today, with most of the majors down. The aussie is also facing some pressure from the upcoming Yellen speeches (checks Red Bull supplies). The market is starting to slide into hawkish mode once again and following the last FOMC minutes and might be getting bullish for more hints on rate lift off from the Fed head.
As Eamonn noted last night the Commonwealth Bank of Australia see AUD/USD possibly falling below 0.7600 on Yellen and capex data turning sour later in the week.
There's definitely enough happening this week that could keep some pressure on AUD so it might be worth sticking, or switching, to a sell rally bias until the picture becomes clearer. The Aussie has managed to keep itself fairly well bid of late so there's reasons for longs to be patient. As the chart above shows we're in a short term uptrend and while the lower levels hold, there's enough there for longs to stay in the game for the longer term trade
