AUDUSD: had a generally solid session
|Preferred Strategy: The Aud had a generally solid session, underpinned by yesterday’s solid jobs data, and then for the scramble to buy Aud/Nzd after the announcement of the Labour Coalition Government. The short term momentum indicators are a little mixed on Friday although the dailies remain positive so a run towards 0.7900 would seem possible at some stage. Given the general lack of data it may be a rangebound session, but further AudNzd demand would not surprise. On the other hand, Iron Ore was down 3.5% today and may dent demand. Overall, I suspect that we could well be confined to another choppy range today, again confined within 0.7800/0.7900. Note the potential reverse head/shoulder formation in the chart. A move above 0.7910 would target 0.8060.
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