Akhmeem

Initial outlook for the week is neutral

FX:AUDUSD   Australian Dollar / U.S. Dollar
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AUD/USD's recovery from 0.7015 extended higher last week but lost momentum again after hitting 0.7384. Initial outlook is neutral this week. Overall, we're still viewing price actions from 0.6905 as a consolidation pattern. Thus, we'll expect strong resistance from 38.2% retracement of 0.8161 to 0.6905 at 0.7385 to limit upside and bring down trend resumption. Below 0.7169 minor support will turn bias to the downside for 0.7015 support first. However, break above 0.7385 will target 0.75969
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