The AUDUSD took out some stops this morning under 7470 as AUDJPY was pushed lower thru 71.00. There are bids right here at 7450 but stops just under. Sellers will cap any rally back to 7500-20 for now. IMM Spec traders are still net long quite a bit. Under 7540 im looking at 7330-50 where i will look to buy. Technically, the 50% retracement from 6988 up to 7713 comes in at 7350.
On the day look to play 7440 – 7510. Bias still lower but may hold for now after all the selling this morning.
