Part 1: Previous Session Review — 20 September 2026

Yesterday was a deliberately quiet session for us. We executed 0 trades and kept capital preservation mode active. That was the right posture given the lack of clean, high-quality setups and the limited reward available for forcing exposure.

When the market does not offer a clear edge, doing nothing is still an active decision. Liquidity conditions were not compelling enough to justify chasing entries, and we preferred to protect flexibility for the next catalyst rather than spend risk budget in a low-conviction environment.

Part 2: Today’s Outlook & Watchlist — RBA Governor Bullock Speaks

The main scheduled risk event is RBA Governor Bullock speaking at 23:10 UTC. For AUD traders, the focus is straightforward: any reference to inflation persistence, labour market cooling, household demand, or the timing of future rate adjustments can move front-end rate expectations quickly.

AUD/USD is the primary asset on watch. If Bullock sounds more cautious on inflation, the Australian dollar could find support, particularly if the pair is already holding above short-term support. If the tone leans more dovish or highlights growth risks, AUD/USD may struggle to sustain rallies.

We are also watching the ASX 200, especially rate-sensitive sectors. A hawkish interpretation may pressure equities through higher yield expectations, while a balanced or softer tone could support risk sentiment. As usual around central bank commentary, we prefer confirmation after the initial reaction rather than trading the first headline impulse.

Our plan remains selective: wait for price to define direction, avoid oversized positions into thin liquidity, and only engage if volatility creates structure rather than noise.