Traders report Aussie’s rally from the 0.9935 to 0.9975 was virtually all stop-loss buying by local Aussie traders. Not sure why they are so bearish but perhaps the new flood levy is weighing on sentiment. Offers are very strong in the 1.0000/25 area while bids are solid toward 0.9800. Seems like a chop-shop anywhere in between.
As Sean likes to day, trade the edges…
