Market was caught long here this morning, with traders predicting a good GDP number. There was alot of buying on the dip overnight and this morning more longs established before the data. Intraday long positions have been cleared out with more stops under 6280.
Look for any small rally to be sold into. expect 6350-60 to top it out for now. Expect AUDUSD to stay offered until Early Europe decides what to do. 6280 the key support level on the downside.
There could easily be some players clearing longs and establishing short position as a medium term view after that GDP number. The number will definately raise concerns about the health of the Australian economy and spur risk aversion in AUDUSD.
