AUD/USD - Short Term Topping Formation in Place
AUD/USD continues to exhibit short-term structure that suggests a degree of exhaustion, warning of a relapse lower. We now require some downside follow through to test the 1.0245 region, under which will confirm a false break higher.
We remain longer-term bearish and continue to view the current region as a reasonable entry zone.
In particular, focusing on the medium-term picture, we see the current region as being crucial to maintaining the negative structure from the 1.0857 high.