AUD/USD: Look to trade .9580/.9670 technical levels
The short-term bearish trendline has been an accurate indicator in recent weeks and it presently comes in near .9665. Last year’s lows at .9585 (and last week’s lows at .9590) provide the obvious support levels. One side will break pretty soon but play the range edges in the meantime.
- EUR/AUD; short-term severely overbought momentum indicators are starting to level out.
- AUD/JPY; daily lows at 96.90 survived the first attempt.
- Sovereign buyers are reported in AUD/USD between .9600 and .9550.
Conclusion; seems like a decent risk-reward play to buy near .9585 with a stop-loss below .9550.