The last time we discussed AUDUSD, we argued that should it slip, buy the dip. We were originally looking for a dip from the April high to the 55 week moving average (then at 0.7377). Price dipped slightly below there to the year open price at the mid-0.71 figure. Then, like now, we continue to believe AUD dips should be bought.
The long-term AUDUSD chart remains constructive with support in the 0.7045-0.7113 area holding on a monthly close basis.Any monthly close below there would suggest a move to the 0.65 figure is possible, but support has held and looking cross market, Commodities remain constructive and that is constructive for AUD and AUD crosses. Near-term supports (not shown) are in the 0.7286-0.7326 area (year open price and the 200 day moving average).
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