AUD/USD: Looking to add to longs on dips to .6930

  • Not much in the way of major Australian data this week so the AUD will be driven again by risk sentiment.
  • AUD/JPY has exited it’s death spiral and with speculative shorts at mature levels ahead of the BOJ on Thursday, I fancy we will see a further retracement in this pair back above 85.
  • GBP/AUD has confirmed its recent downtrend and with more ECB easing on the horizon, selling EUR/AUD above 1.5500 is surely an attractive proposition.
  • AUD/NZD is threatening to put in a strong basing formation and risk-reward favours longs with stops back below 1.0600.
  • AUD/USD feels way oversold to me and the price action at .6825 would seem to confirm this. I’m looking to add to longs on any intraday dips below .6950.

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