AUD/USD: Starting to grind higher

The NZD/USD has outperformed the AUD/USD overnight but with AUD/NZD trading around 1.0400, I much prefer to be long the Aussie for what I hope will be a steady grind higher.

Commodities and precious metals made some strong gains and as we know, the first week in September is often when the year-end trends begin (as big fund managers return from their summer hols).

I see AUD/USD gradually moving towards 80 cents in coming weeks and dips should be limited to .7525/50. On a shorter term time frame, intraday dips to .7640/50 should attract plenty of buyers and a break above .7690 should hasten a re-test of recent.7750 highs.

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