AUDUSD was a good performer last week and it came to a three week high.
Fundamentally unemployment dropped to 6.1 from 6.2 ( revised ) on February and there hasn't been a rate cut after last RBA meeting. Technically the pair is rejecting intra week trend line but if we take a look at Friday range we dont see a big movement in the pair.
Monday may follow with a low range until later today where RBA governor Glenn Stevens is expected to have a conference.
The pair is aiming for 0.7860 but i am more inclined for a better retracement at 0.7740 zone ( L4, 38.2, triple top/bottom swing ) where we should see a rejection. The rejection should put the pair in the next swing to the upside. Pay attention to trend line but also for a possible retracement.
The analysis and the article presents Nenad's opinion. Remember, financial trading is highly speculative & may lead to the loss of your funds. Proper risk management is the Holy Grail of trading.
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