Strategy: Flat
AUDUSD is probing above the early-May swing high at 1.1011 – setting new record highs – but the bulls face stiff resistance just ahead at the 50% Fibonacci extension level (1.1043). A break above this boundary exposes 1.1198, the 61.8% Fib, while near-term support lines up at 1.0888. While momentum undeniably favors the bulls, chasing the rally at these levels with the pair squarely at resistance and relative strength studies pushing into overbought territory seems hardly prudent. As such, we will remain on the sidelines for the time being.
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