AUD/USD Outlook: Extended consolidation on track to leave fourth consecutive Doji

Slobodan Drvenica Windsor Brokers

The Australian dollar continues to move within narrow range against its US counterpart and on track to leave the fourth consecutive Doji candle that signals strong indecision.

Mixed daily techs add to neutral near-term tone, as extended consolidation after March-June 0.5509/0.7064 advance, remains within established range that is positive signal.

The pullback was so far shallow and holding well above pivotal supports at 0.6697 (Fibo 23.6% of 0.5509/0.7064) and 0.6665 (200DMA) that keep the action biased higher.

Traders focus this week’s releases of global PMI’s and US jobs data which could provide clearer direction signals, however, remain cautious about lower volumes due to US independence day holiday.

Res: 0.6885; 0.6904; 0.6974; 0.7000
Sup: 0.6819; 0.6776; 0.6697; 0.6665

Author

Slobodan Drvenica

Windsor Brokers

Industry veteran with over 22 years’ experience, Slobodan Drvenica joined Windsor Brokers in 1995 when he was an active trader for more than 10 years, managing the trading desk and own account departments.

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