AUD/USD: technical analysis
The aussie has been rising, although it has slowed down after reaching close to the underside of a major multi-year trend-line which would be expected to exert downward pressure. It has also pulled back 61.8% of the previous move and could be ripe for a resumption of the down-trend. A move lower would be expected to reach the line of support at 1.0300 – which would have to be breached to give any credence to a bearish view. However, because there are no strong reversal signs yet the pair could also continue higher with the monthly pivot at 1.0470 providing the next target up.
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