Longer term bulls must be very happy with themselves. The AUD/USD is sitting quietly in consolidative mode fairly close to medium term highs and looking quite comfortable. Yesterday we saw some short term focus switch to AUD/JPY which tried to break higher but has been rebuffed for now at least. Today’s PPI and NAB business confidence data might insert some volatility but it’s tomorrow’s CPI which will be more closely watched.
On the order front I am hearing of stops below .9135 and sell orders between .9330/50 but we can also expect the usual corporate interest to buy on any significant dips.
