AUDUSD Forecast
The AUDUSD was volatile but indecisive yesterday. Price slipped below 1.0540, bottomed at 1.0512 but whipsawed to the upside, hit 1.0641 and closed at 1.0561. The bias is neutral in nearest term but still within a strong bearish intraday outlook. On the upside, a clear break above 1.0641 could change the intraday bias to bullish testing 1.0700 but as long as price stays below the trend line resistance I still prefer a bearish intraday outlook. On the downside, a clear break below 1.0512 would change the intraday bias to bearish testing 1.0440 – 1.0388. Combining technical view and risk – reward ratio, the best place to have a short position is around 1.0770 resistance area.
