AUD/USD has bounced from its 100-day moving average at 0.8847 and now trades at 0.8870. Offers are seen waiting on rallies now to the 0.8900/05 level and again toward 0.8950/60. Like EUR/USD, it feels like a sell-the-rallies market for the foreseeable future.
Today’s dollar strength has put downside pressure on commodities once again, reversing the strength seen in copper, oil and gold yesterday.