Perhaps 10 days ago Cititechs recommended a long EUR/AUD trade at 1.3400 with a very wide stop below 1.3000, which is outside the reach of most mere mortals. This morning’s bearish EUR sentiment has seen the pair fall towards 1.3250, a much more affordable level for medium term bulls to enter the market.
AUD/USD is holding just above some corporate bids near 1.0610 but they will not be big enough to hold it if the All Ords falls further than the 1% already lost this morning and general sentiment towards the Australian economy continues to become more cautious. International sentiment seems to believe that nothing can go wrong in the commodities-driven Australian economy but the general feeling here is certainly not as bullish.
