There has seen some good buying from Asian Central Bank this morning, helping underpin the AUDUSD. Yesterday I had a shorting bias, today the picture is not so clear. Hourly technicals were oversold early this morning and with the buying seen it has caught the market short.
Im being told that there are sell orders 7820-30 and buyers still waiting to be filled at 7700 with large stops under. There is also speculation that NZD might be sold and AUD bought, come the NewZealand Budget at 0200GMT.
The AUDUSD has had a good run up this morning and I feel a rally to 7820-30 should be cautiously sold into for a move back to 7770 for a day play.