AUD/USD: daily update
AUD/USD has been undergoing a prolonged move sideways since the end of June: the general downtrend’s still unbroken, while there are so many shorts that sellers remain cautious.
On H1 we see that Aussie breached short-term upside channel, lost about 100 pips erasing the advance of the previous 2 days and then stabilized in the $0.9130/60 area. The loss of $0.9130 will provoke a decline to $0.9100, $0.9035 and $0.9000. Still, while this level holds, the bulls might be able to stand their grounds. Resistance lies at $0.9190/95, $0.9220 and $0.9260 ahead of $0.9305/20. In our view, picture for AUD is not very inspiring.
There will be no data releases from Australia of China this week, so the situation will be determined by American data.
Chart. H1 AUD/USD