Aussie is staging a strong rally and threatening the Oct downtrend. A close above .8893 will register an important recovery above an old key pivot; likewise is would offer the first sign of a trendline break from October. A move back below the .8821 level is needed to reassert the bearish bias. (daily) S/t, prices have met A=C symmetry targets below the 61.8% retrace at .8924. If the market closes through the .8924 level then this suggest a more pronounced rally back to the Jan highs at .9086. We are not yet shifting our bear bias but trade today and tomorrow will help to clarify whether this rally is more than just an A-B-C correction. (240m) Conviction: Med Trade: Flat. Stopped on short at .8832. Levels: Support – .8888, .8821, .8730 Resistance – .8914, .8925, .9086
Read the full report: AUDUSD
Nomura