AUD/USD
• Short covering in holiday thinned Europe mkt after 50 Fib of 0.7534-0.8077 test
• NY continues slow & steady ascent as USD lift stalls & commodities lift
• S-T res ~0.7850/60 tested ahead of RBA, mkt prices >75% chance of cut
• If no cut shorts scramble to cover then April high in play
• Some talk that if cut made will be last, possible big bounce after initial drop
• Mkt remains net short AUD so potential for decent squeeze is extant
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