The Aussie dollar is currently in a consolidating pattern, unable to close convincingly below 0.92 and hold down below 0.94. We need to see a break below 0.92 in order for the pair to retrace lower to 0.91, seen as a support area where the bulls might come in to push the pair back up.
The pair is currently trading below the 15 and 33 ema and needs to close above that in order to test the down trend channel that started all the way from 0.975.
0.92 is proving to be strong support so far and it coincides with the 50% Fib retracement taking 0.9754 as the high and 0.865 as the low.
I am currently neutral on this pair and looking for breaks above or below the said levels above before any trades can be initiated.
On the news front, we have RBA keeping interest rates at 2.5% and is giving a reason for bulls to push this pair up a little. However, we are still looking for a price action signal to show us that the smart money have moved in and made their move.
Till then. To more trading profits.