AUD/USD: Still long, hoping for a break above .7850/70 resistance

It looks like there are still plenty of offers in the AUD/USD ahead of .7850 and we could be in for longer periods of sideways consolidation. I’m still running my long, bottom-picking, strategy and I need a break and hold above .7870 before I will consider elevating risk levels.

There is nothing of note on today’s economic calendar and the Chinese financial market remains closed until Wednesday.