According to Head of Global Markets Research Tim Riddell at
ANZ, “It is time to get off the fence and opportunistically buy AUD/USD
dips, even if the longer-term bias may be to sell into rebounds.”
“A push above 0.9215-25 may be enough to turn the trend
though a close above 0.9300 is needed to trigger the anticipated period
of corrective rebounds. However, after such an extended slide rebounds
are likely to be contained with an initial target of 0.9430-60 and then
potentially 0.9670-75.” Riddell adds.
The balance of risk/reward has definitely swung towards a squeeze.
Although divergence seems acute, rebounds remain painfully contained. A
close above 0.9300 is still awaited to trigger a squeeze to at least the
0.9430-60 area. The bias remains for a series of rebounds, rather than a
single squeeze, but these should still be considered as corrective. The
long-term profile is still use such rebounds (ideally in the 0.9650-75
area) to rebuild short positions.
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