Lows in place for the summer in AUD

Here we are tracking the transition into light illiquid summery markets. This is going to show in AUD as the market looks particularly stretched after FED. The USD rebound is in play; those short in AUDUSD have cleared their main targets and now we can start to find a bid on short-covering.

A good time to work longs till September with very little prevention to the topside. In order to trigger the meaningful breakout we have been tracking in our long-term AUD charts we will need to see this channel broken; start small and when you 'know' you are right... go massive.

Best of luck all those on the bid.