AUD/NZD still looks quite buoyant but AUD/USD has been in sideways mode for months and will eventually break. Falling iron-ore prices will help the AUD bear case and we may get a downside test in coming days especially if commodity prices stay soft.
AUD/JPY has also failed to gain a foothold above 97.00 and I suspect that the market is quite long of this pair and susceptible to sell-offs.
On the day, I prefer the short AUD/USD side but I’m still very much in the buy-big-dip camp. With little on the calendar, range edges at .9240/.9320 are unlikely to be tested.
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