AUD/USD has had a buy-the-dips mentality in recent sessions but the patience of AUD bulls seems to be wearing a bit thin. We rallied yesterday and earlier today on anticipation of favorable (lower than expected) Chinese inflation data but today we appear to be selling the news…
Copper is seeing profit-taking today and equities are under pressure, so it looks like we have a modest case of risk aversion to contend with.
Technically, medium-term traders have got to be concerned that we have made three forays into the 1.02/50 area but have been unable to sustain any of them.
Many old-time traders swear by the rule of threes: If it can’t break out on the third attempt, it is unlikely to…
My basic stance is that what can’t go up comes down…That is the risk here. Support comes in for AUD in the 0.9945/60 area. If long, I’d look to liquidate on a break of that support zone.
