Im hearing there is some option related buying of AUDUSD here at 7800-10 area. Not sure of amounts but its definately going to be the line in the sand. Under 78c there is potential for a move back to 7760(the uptrend support level).
Traders are also weary that Asian CB buying could emerge as it did last week when it was under pressure.
Look to buy 7810-15 and sell 7850-55 for now. Dont pre-empt the downside break, play the range until it breaks. I am still bearish but would look to sell a rally back towards 79c if trailing shorts are taken out above 7880.
