Analysis:
Today’s price action on the AUD/USD pair validated our decision to cancel our sell order this morning.
Yesterday's sell level at 0.6535 would have been triggered right near the lows.
The AUD/USD broke above 0.6692 resistance last night, but this breakout was quickly proven false, with 0.6692 failing to provide support early this afternoon.
While the AUD/USD might extend this afternoon’s losses into tonight’s US trading sessions, and fall well below 0.6540 support, we don’t feel the need to enter any shorts because the price action from today saw support at 0.6540 being respected.
The key level to watch will be 0.6540 heading into tonight’s trading session. Next week’s price movement on the AUD/USD will largely depend whether this support can be held.
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