The mid-term up-trend from February looks tired. Since April the AUD/USD has essentially been going sideways. A key level remains the just-flirted-with neckline at 0.9330, which if breached could unleash a wave of selling lower. A break below 0.9320 would probable provide sufficient confirmation of such a move, and generate an initial down-side target of 0.9291, where the S1 monthly pivot is situated.
Alternatively, it is also possible the mid-term trend could reassert itself, despite having weakened considerably. The pair may now undergo a bounce from the recently-touched neckline. A break above 0.9391 could possibly indicate such a recovery was underway, with a target at around 0.9442. 
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AUD/USD: Trend Difficult To Define
Published 07/18/2014, 08:07 AM
Updated 07/07/2019, 08:10 AM
AUD/USD: Trend Difficult To Define
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