Michael_Macdonald-XATSUK

Risk of a further pullback in AUD/USD

OANDA:AUDUSD   Australian Dollar / U.S. Dollar
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AUD/USD is finding support above the 0.7455 (50%) Fibonacci retracement and 0.7450 congestion area. Rising short-term studies suggest potential for a push above congestion around 0.7600.

However, mixed weekly readings are keeping investors cautious of further strength, with the 0.7680 high of 30 March to prove difficult to reach

Consolidation is highlighted, with risk of a later break lower as the March bear trend develops and the bearish Tension Indicator (not shown) deepens.

A break below 0.7445/50 will open up congestion around 0.7400 and the 0.7385, (61.8%) Fibonacci retracement .

Still further slippage will confirm a deeper AUD/USD reaction as investors move to an outright bearish stance.

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