AUD/USD - Bouncing At the Bottom? - 5/31/2016

Is Australian dollar bouncing at the bottom and ready to move up or is it just a temporary halt before a trip to 0.6500? We believe, that AUD/USD is more likely to range trade between 0.6900 and 0.7250 before taking an aim at other levels. Yesterday's sharp up leg is looking good so far and it has managed to sustain the bounce. It can reach to 0.7300 before showing the signs of fatigue but we will be very cautious getting long. In fact for a quick day trade we are looking to buy it near 0.7200 depending upon price action but nothing substantial to put more money here until we get good dips towards 0.7000. Also EUR/AUD short near 1.5450 / 1.5500 is worth looking at ! Since EUR/AUD has been pretty generous to us we will definitely pay more attention to those levels for short / medium term trades.