Forex Flash: AUD/USD likely to continue to be bid on dips - Greg McKenna

FXstreet.com (Barcelona) - Friday's trade printed bullish reversal signals for both, the S&P 500 and the AUDUSD. According to Greg McKenna, Founder at GlobalFX, "this was a big reversal but unless or until AUD can regain 1.0380 and then maybe just maybe sometime push through 1.0550, it is in an overall medium term very shallow downtrend." The bottom line, Mr. Kenna notes, is that the AUD was very resilient the past few weeks despite weak earnings season, thus "it remains well supported by real money and as such looks like it is going to continue to be bid on dips" he says.