• AUD/USD in February peaked at 0.6409, just ahead of 0.6415 Fibo resistance

• The 0.6415 Fibo is a 38.2% retrace of the 0.6943-0.6089 (Sept to Feb) drop

• That increases the risk for a bearish resumption in the days, weeks ahead

• A sustained break above the 0.6415 Fibo would defer losses

• We remain short at 0.6350 for eventual losses to 0.6150 target, stop at cost

• AUD/USD Trader . Previous update

• Dollar negative, speculators become more pessimistic

Weekly Chart:

(Martin Miller is a Reuters market analyst. The views expressed are his own)