Data-wise, the CBA Leading Index during July came in at 0.0%, down from +0.5% in the previous month.
I.Spivak, analyst at DailyFX, comments that “prices pulled back to support at 1.0410… after putting in a Shooting Star candlestick below resistance at a falling trend line set from late-July 2011. Continued selling initially targets the 14.6% Fib at 1.0318. Alternatively, a break above resistance targets the 50% expansion at 1.0682”.
At the moment, AUD/USD is advancing 0.35% at 1.0466 facing the next hurdle at 1.0477 (high Sep.20) ahead of 1.0495 (high Sep.19) then 1.0525 (hourly high Sep.17) and 1.0545 (hourly high/low Seo.17).
On the downside, a breach of 1.0405 (hourly high/low Sep.20) would admit 1.0368 (low Sep.20) then 1.0330 (MA200d) and 1.0325 (low Sep.11).