The pair continues to evolve in its daily range and we don’t see any clear directional bias over the immediate term. In fact, the AUD/USD has been offering very interesting opportunities to swing traders while moving upside down.
A break above 1,08 would resume the long term bullish trend with an objective at all time high (1,10). Inversely, 1,05 will offer a strong support on the downside. A break below this level would expose the pair to a meaningful corrective move.
We will stay on the sidelines until a clear trend emerges.