The AUD is showing little sign that it wants to turn around anytime soon. This is so typical of how the Aussie trades. It grinds it’s way higher and even when it feels bearish or toppy, it just hangs around for a few weeks doing little or nothing before accelerating again. The 20-day MA is now at .9108 and this usually attracts bids so the bulls out there are feeling quite comfortable I’m sure.

On a note of warning, nobody is short AUD. It doesn’t make fundamental sense to fight against this trend and with interest rates on the rise, the market is either long or square. That worries me.