AUD/USD: Initial Support Seen Close to 1.0444 High
Stop adjusted to 1.0540.
AUD/USD has found initial support close to the prior key high at 1.0444. If a break over 1.0529 (17/08/2012 high) can be achieved then this will weaken the bearish structure in favour of a return to the prior high at 1.0613. We are thus moving our stop to 1.0540.
However, should a lower high form, we would then expect a retest of the 1.0350 region, close to daily channel support.