AUD/USD outlook, August 19th: Consolidation before more gains
- I’m still of belief that a base is in place near .9000 and will only change this view below .8950;
- Strong moves in metals will benefit AUD but sell-off in global equity markets is a bearish factor;
- Wouldn’t be at all surprised to see some extended .90/.93 consolidation pre-Australian general election;
- AUD/JPY made a bullish technical break and retraced to a 38.2% Fibo;
- EUR/AUD has a topping formation in place whilst it stays below 1.4750.