Exactly as anticipated, heavy sell orders around 1.0020/25 are capping the AUD/USD rise for now. Dealers I’ve spoken with say that there are some very big stop-loss orders above 1.0035 which they think will be triggered but that the sellers re-emerge at 1.0070/80.
If you’re bearish AUD/USD, it might be worth trying a short here at 1.0020 with a tight 20 pip stop and then re-sell at 1.0070, again with a tight 20 pip stop. Just a thought.
