The AUD/USD is back below .9800 in reaction to some irrelevant consumer confidence data which will be quickly forgotten. Overnight comments from Fed members do suggest that we will be hearing little or no mention of the word ‘tapering’ from Mr Bernanke later tonight and with the speculative market already short of AUD/USD, I’m anticipating a short-covering rally sometime in the next 24 hours.
I certainly wouldn’t rush into longs at current levels but I’m definitely prepared to buy any big intraday dips, especially if they happen in Asia. ‘Cos we know, Asia’s always wrong!