AUD/USD: Potential base at .9035/40 but bears still hold strong cards
You know my views here, the market got overly bullish at 1.05 and is now getting overly bearish at .9000, when in fact we should be in range trading mode. Nevertheless, the recent bear trend has been impressive in its ability to defend resistance levels and until this changes, bottom-pickers will need to be careful with position sizes and keep stop-loss orders fairly tight.
The 4-hour chart is showing some very clear support levels at .9035/40 and resistance levels at .9180 and .9250, and these are the main levels to watch today (see chart).
Chinese CPI is the main risk event on the economic calendar.