JPY Trading Outlook (06-08-2013)
CROSSES: AUD/NZD was very volatile yesterday on the Fonterra milk contamination news but has now settled down. The big levels are at 1.12/1.15 and further range trading between these two levels is now expected (but again watch for large stops 50 pips through either of these). EUR/AUD had a brief peek at 1.50 yesterday which was immediately rejected and a deeper retracement towards 1.4700 is certainly possible. AUD/JPY still looks heavy and only a break back above 89.50 will alleviate the downside pressure.
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