The AUD/USD continues to steadily climb away from the low it established at the beginning of June after pausing at par for a few days. Now the pair is within reach of the next major resistance level at 1.0246 where it has clearly established a level of Support & Resistance. This level also coincides with the 50% retracement level for the bearish trend over the last 3 months, and will be a great place for traders to consider short positions again. There are some hurdles in the way however with resistance also seen at 1.0165 & 1.0217. Price has also now closed above the 62 EMA suggesting momentum has shifted to longer term Bullish momentum, so use caution if shorting and holding for any length of time. To the downside, we see support at the 38.2% level of 1.0066, the Weekly Pivot at 1.0007 and Monthly Pivot/Weekly S1 at 0.9930 +/- a few pips.
Happy Trading!