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