AUDUSD – Consolidating

AUDUSD – Consolidating

AUDUSD6JUN

AUDUSD Consolidation

In our last update on the AUDUSD, we saw the AUD under attack by the greenback, however we did mention that the downtrend wasn't confirmed unless we saw a close below 0.9200. This is still valid, though the above chart which is on a weekly time frame is showing good consolidation in the pair.

It's important to note that both the MACD and RSI have divergence against the price action. This divergence would point to a rally in the Aussie. The next move in this pair will be confirmed with a close above 0.9460 or below 0.9200.

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