AUD/USD: Default status is range-trading mode

There are buyers and sellers being reported on both sides of the AUD/USD market and with most interest focussed elsewhere, it looks like we should have another day of sideways range trading in the AUD.

The bids which were reported yesterday at .7170 are reportedly still live, although there are also reports of long-liquidation stops starting below .7155. Another local mentioned AUD/NZD stops on the 1.05 handle and if they eventuate, then we should see AUD/USD capped during the Asian session.

The default status for the FX market is range-trading mode, and I’m thinking that’s what we will get today between .7170/.7225

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