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Risk off Day Puts Dent in AUD/USD

Jamie Saettele, CMT

An Australian won the Masters (I had to be mention that because I love golf) but the currency is down sharply today with equities, and metals (which are being crushed). Remember, sharp risk off Monday's often produce buying opportunities for 'turnaround Tuesdays'. Still, the AUDUSD needs to hold 1.0345 for me to stayconstructive on a near term basis. Weakness below would open up a move for the 61.8% of the swing from 1.0115 at 1.0292. EURAUD and EURGBP longs are working and focus this week is on 1.2700-1.2800 and .8650. I'm looking at returning to the long side on EURUSD later this week, either on a dip into 1.2934/67 or a break above the last 3 days' consolidation. Breakout systems may be in play in EURUSD soon.

@JamieSaettele, CMT

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