Despite all the dire predictions that the AUD/USD is headed for .60 cents (from many of the same people who were calling for 1.25 a few years ago!), price action for now does not seem to support the vertical drop theory.
- AUD/NZD continues to show impressive strength and gains towards 1.15 look likely;
- NZD/USD has stalled ahead of strong support at .6500 and USD/CAD has also stalled at a big level, 1.3000;
- The AUD failed to build fresh momentum after yesterday’s lows on the back of falling metal prices.
CPI data is due tomorrow and if the Aussie can’t break lower on falling metal prices then it will struggle to do so without help from some major data event.
Range trading between .73/.75 is my preferred way to trade the AUD/USD for now.
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