AUD/USD Basing above .7450?

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

Real Time Positioning

-AUD/USD took out the February high in March and then took out the March low earlier this week. This expanding range may mark the beginning of increased volatility (range expansion). I’d continue to be aware of .7380s the positioning as per COT (see here). Near term, .7310 has provided resistance (50% retracement and horizontal level). If that level gives way, then I’d consider a more bullish immediate outcome.