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AUD/USD, further retracement brings 0.9965 into play

FXstreet.com (Barcelona) - AUD/USD technical picture has improved in the last two trading days, finding a temporary bottom at 0.9710 before correcting higher through channel resistance, now consolidating above the 0.98 ahead of the RBA minutes.

According to Sean Lee, founder at FXWW, heavy Sovereign bids aided the Aussie ahead of 0.97, adding that "if this pair starts to retrace then we could see it up to a 38.2% pull-back at 0.9965."

Sean notes "this level was a prior pivot which might make it even more magnetic whilst a spike high at 0.9880 should also provide solid resistance." Yesterday’s break-up intraday level at .9770/75 offers the obvious support point now, he added.

At the moment, the pair is consolidating after unfilled offers at supply 0.9830-20 kept the progress on hold, "with the level initially absorbing most of the bids yet failing to produce any major pullback either" it was noted earlier on our supply/demand report.

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