AUD/USD: Still like the buy-dip play

The main market signal for me is coming from USD/JPY and the Precious Metals, all of which are telling me that the USD has turned. Despite all the scare-mongering around China I think the AUD/USD is basing near 70 cents and we will trade much higher in coming months.

We are currently in risk-on risk-off trading sentiment and this will impact heavily on short-term moves in the AUD but from a medium term perspective, I think dips between .6950/.7000 are gilt edged buying opportunities.

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