Michael_Macdonald-XATSUK

AUDUSD showing signs of stabilisation in the coming weeks

FX_IDC:AUDUSD   Australian Dollar / U.S. Dollar
AUD/USD is finding support above the 0.7145 low of May, as oversold short-term studies unwind.

A corrective bounce is highlighted, targeting the 0.7310 break level from November, but any further gains should find difficulty clearing congestion around 0.7400, as the Tension Indicator (not shown) continues to weaken and mixed background studies keep investor sentiment cautious.

A close above 0.7400, however, will improve price action and promote consolidation beneath 0.7500.

Following minor gains, further losses are looked for, with a close below 0.7145 extending the November bear trend and targeting congestion around 0.7100. Still lower is the 0.7043 retracement.