Near Term Trend: Negative
Fridayâs Close: 0.74960 (+ 15 pips)
UPDATE: In our commentary two weeks ago, we stated, âIf you are not currently short, I would not chase the short side as it is overextended near termâ.
Since that writing, Aussie rallied 185 pips higher.
Last week, we opined, âKey support now stands at 0.72200. Buy on dipsâ.
Unfortunately, the dip never came as the Aussie had a strong bullish week.
Key resistance lies near the 0.76000 region.