Australian Dollar Technical Outlook
The AUDUSD is throwing me off. I am always looking for a common theme such as risk aversion or dollar strength / weakness. The EURUSD (and GBPUSD to a lesser extent) looks bearish to me but the AUDUSD looks bullish. It is possible that the EURUSD breaks lower while the AUDUSD ranges (EURAUD bearish opportunity).Pending a drop below .60, I am cautiously bullish. To review why; “there remains potential for a large recovery back to the mid .70s given the 5 wave drop from the top (near 1.00) (waves a and b of an a-b-c correction would be close to complete). Bulls may attempt to ‘pick’ this bottom given that the AUDUSD has held above the October low.”
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