I’m still very firmly in the base-picking camp when it comes to the AUD. The speculative market is overly short at the wrong levels for the wrong reasons, in my biased opinion.
Nevertheless, I do not expect to see the AUD/USD spike dramatically higher in the short-term. Cable remains under significant pressure and I expect that it will touch levels near 1.38 if not even 1.35 in coming weeks. If this happens, it’s unlikely that the AUD/USD will scream higher even if GBP/AUD collapses.
I’m looking to a broad .69/.74 range in coming weeks for the AUD/USD with a very strong bullish bias.
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