AUD outlook: Possible double-bottom in AUD/USD but AUD/JPY still looking soft
- AUD/USD has the possibility of forming a double-bottom but needs to break above .9070 to confirm (see chart);
- AUD/JPY looks likely to test recent lows at 86.40 with important Fibo support just behind there at 86.25 (see chart);
- AUD/NZD made a bullish break last week and has retraced to its 38.2% level (see chart), which is usually a bullish sign.
The technical signs are starting to look moderately promising for the AUD and I’m favouring the buy-dip strategy in coming sessions.