Local banks prefer to sell AUD on rallies
The predominant opinion among the local interbank players is that selling AUD on rallies is the safer trade. They’re suggesting that either selling AUD/USD or buying EUR/AUD is the best way to go. Nobody seems willing to play too hard in the JPY crosses at these levels so they’re leaving AUD/JPY alone.
They usually base their opinions on weight of market flows and also on potential risk events.

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Joe
Sean : Looks like EUR/AUD has found a footing to start upwards again. What do you think? I am in at 4296 earlier today. Should get 100 pips or so.
JJake, once it starts moving you’ll get 1000 pips imho, but then again I’m greedy
Just day trading Sean. I will settle for a hundred. This thing won’t shoot straight up. I think it will bounce up and down for a while until the pair turns a positive sentiment.
That’s right JJake, it is a very choppy cross but the intraday moves especially during Asia can be quite tradeable. Good luck
Sean,
Any feel for the GBPAUD cross?
I squared up my GBP/AUD long position John as I’m sort of bearish on both the GBP and the AUD at the moment which is why I’m gonna stick with my EUR/AUD longs only. I still think GBP/AUD more likely to go up rather than down but I’m just not overly sure on what the correct levels are.
Thanks Sean