AUD/USD- shorts preferred for now by Sean Lee

The rejection of .80 cents gives us a moderately bearish bias in the short term, especially given that the most recent ‘big’ trend has been bearish.

We are opening around .7905 which I sense might be close to a mid-range level on the day. I prefer to wait for rallies towards .7940/50 to sell into. Any dips below .7870 should run into solid demand from corporates.

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