AUD,NZD/Technical Analysis

AUD/USD: Selling rallies preferred intraday

audusd1h     The short-term downtrend is in control for now and with the overall market reportedly still long at significant levels, selling any intraday rallies looks like the sensible play. Gold remains under pressure as well and this also affects AUD sentiment.

Ideally I would suggest selling into a previous consolidation band between 1.0460/90 but the steepness of the downtrend suggests that these levels might be difficult to achieve. 1.0435/40 is the first resistance level below there, so maybe bears can dip their paws in the honey there!

Sovereign reserve manager buying interest is expected from 1.0300 through 1.0260.

Sounds like we should be playing the edges of 1.0260/1.0460 over coming sessions.

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