Looking for consolidation in AUDUSD
Yesterday’s inaction by the Reserve Bank of Australia led to a nice pullback in AUDUSD, which took the market back into the last area of consolidation between the .95 handle area from September, the day’s low forming at .9540. This decline has failed to test the lower bound of the upchannel in place since the August low however, and the market subsequently snapped back to the highs where it has now paused.
The Aussie maintains its upchannel versus the USD
The market is below the .9849 high from July 2008 and looks set for further consolidation back to the lower boundary of the fast upchannel off the august lows.
We remain bullish on the Aussie however and anticipate new highs above 1.00
Category: AUDUSD, Technicals Comment »