The AUD/USD established a “range” after the 6/1 Non-Farm Payroll release, which came out to a dismal 69K, missing forecast of 150K. Although the release was a risk-averse one, it centered around the US, and increases the chance of further QE by the Fed. This means, the dynamic of risk-off, which is USD-positive was fighting QE expectation, which is USD-negative. Fundamentally, AUD is dragged by soft manufacturing data from China. UD/USD 1H Chart 6/3/2012 9:13 PM EDT The 1H chart shows the
