Forex: AUD/USD, 1.04 overhead with 1.0350 possible s/t base
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AUD/USD
FXstreet.com (Barcelona) - AUDUSD is trading extremely quiet just below the 1.04 handle amid thin markets. So far, neither an improved AiG Performance of Mfg Index in Dec (44.3 vs 43.6 in Nov ), an unchanged Chinese Manufacturing PMI in Dec at 50.6, nor a fluid situation regarding the fiscal cliff circus, with republicans reportedly against passing the fiscal cliff compromise through the House, has caused any volatility in the pair.
According to Sean Lee, founder at FXWW, "the AUDUSD looks to have formed a short-term base near 1.0350 so risk-reward would suggest buying dips towards there with a tight stop below 1.0340 as a sensible strategy" he notes. From a broader perspective, "this pair is in range, so don't be too optimistic on the topside, with an 80-100 pip profit target reasonable" he adds.
According to Sean Lee, founder at FXWW, "the AUDUSD looks to have formed a short-term base near 1.0350 so risk-reward would suggest buying dips towards there with a tight stop below 1.0340 as a sensible strategy" he notes. From a broader perspective, "this pair is in range, so don't be too optimistic on the topside, with an 80-100 pip profit target reasonable" he adds.
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