I see AUDUSD in a range for quite a while yet. The immediate range being 6350 – 6550.
On one side AUDUSD is supported by a still wide yield gap to the US, signs of China might be stabilizing and the RBA looking at only on small modest rate cut in March. On the other hand tho, soft commodity prices and economic outlook along with an unwinding of carry trades sees the topside in AUDUSD limited for now.
Technically we have an uptrend support line coming in at 6300 and resistance at 6650.
Trade the range for now.
