AUDUSD – The pair is refocused on 1.0545/1.0615
A larger corrective downtrend started from 1.1085 (July’11 high), appears to be still in force for AUDUSD which may be a large triangle consolidation in a range between 1.0855 and 0.9580 ( Alt- double zigzag corrective swing, which allows for a retest of the Oct’11 swing low at 0.9390 on multimonth basis). A break below 0.9580/0.9390 deepens the correction toward 0.9145.
The reversal from 1.0170 has pierced the key resistance at 1.0410 with bullish reverse divergences in daily RSI. The pair is focused on retesting the tough 1.0545/1.0615 resistance where it may struggle. The 1.0325/1.0275 resistance looks to hold now. A break above 1.0615 would expose the 1.0720/1.0860 resistance. A reversal below 1.0275 would refocus on 1.0200/1.0170.
Anantharajan .P, CMT (Technical Strategist, Precise Trader)
