AUD/USD Basing from 50% Retracement of Rally from December?
Chart Prepared by Jamie Saettele, CMT
-AUD/USD took out the February high in March and then took out the March low before snapping back. 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. Impulsive action from the .7440 low thus far is a good sign for bulls.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.