AUD/USD still in a Range

Better than expected data on Australia’s Contruction Work Done and Wage Price Index failed to push AUD above the 0.655 zone. AUD has since retraced back below 0.650. The next support on AUD/USD is at 0.6460.

AUD has been in a range between 0.6350 and 0.6540 since 15th Feb. Would be better to play on a breakout of this range. Note also that the next interest rate announcement for Aussie is coming soon on 3rd March. Long position on AUD is suggested only to be taken after the rate announcement which many expect to be another cut.

- Patrick

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