Forex: AUD/USD firm above 1.03; trend shifting structure still in place


FXstreet.com (Barcelona) - Last week, we pointed out the potentiality for an upward transition in the underlying bearish trend, with the key trigger being the break of Feb 8 swing high at 1.0360, prior to an impulsive correction off multi-month lows.

Ever since, the market has struggled to break past that point, yet one should notice how buying interest has again emerged from below 1.03, with current price consolidating above post RBA minutes.

A real reflection that the control is being gained by bulls would be a sustained break above the stiff resistance 1.0360 though. In order to accomplish such goal and allow further upside, long plays should overcome next contention are at 1.0330 up to 1.0360, where the sequence of lows from Feb 13 to 15 will make the climb especially challenging.

Break below 1.03 sees 1.0270, with slide lower bringing into play the 1.0220. Such price activity would be a canceler for any trend-shifting theory and would expose 1.0170/75.

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