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Sep 11 - 07:24 AM
AUD/USD - COMMENT-AUD/USD Techs To Lead Price Out Of A Fundamental Crossfire
First appeared on eFXplus on Sep 11 - 05:50 AM

Fundamentals have locked down AUD/USD at the top of a near 3.0% five-day rally.
Positive risk sentiment is negating weak domestic data, leaving the AUD to drift.
From a technical perspective, the tight doji candle action on Tuesday and Wednesday suggests the market is experiencing indecision.
Profit-taking before the 55-DMA line and top of the daily ichimoku cloud, 0.6873 and 0.6880 respectively, has stalled the bull run.
FX traders will be on reversal alert, looking for signs the AUD has seen its near-term best.
The main bearish trigger points are at 0.6800 10-DMA and 0.6787 50% Fibonacci retrace of the recent 0.6688 to 0.6885 bull run.
The bull cross between the 10- and 21-DMA, faster average crossing above the slower, will give the long side hope, but the greater risk is for a shake-out of longs.

AUD/USD Daily Ichimoku Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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