AUD/USD Technical Analysis
The Australian dollar is near the highs it made over the last couple of days. Again, this is much like the Euro in the sense that it has been a nice rounding pattern. But when you look at it through the prism of the big move lower, we aren’t even at the 38.2% Fibonacci retracement level yet. So, you do have to keep that in perspective.
If we broke above the 200 day EMA, which is something we won’t be doing in the next 24 hours, then you can begin to have the conversation about the trend changing. But right now, this looks like a market that, although positive, I think it’s got a lot of work ahead of it before it truly takes off to the upside. If we were to turn around and break down below the 50 day EMA, that would be extraordinarily negative.
