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AUD/USD Preparing Ground For 1.0754 Rally
The Australian dollar is expected to remain broadly robust against its U.S. counterpart, threatening gains to 1.0754. A lateral consolidation phase within a shallow bull flag has been taking shape since setting the 1.0333 peak on Nov. 30, correcting the powerful rally from the Nov. 25 truncated bear failure low at 0.9668. And although there is risk of a corrective downside extension to the 1.0035 area below bull flag support at 1.0140, parity is not expected to be seriously tested nor decisively broken. The 50% Fibonacci retracement level of the orthodox 0.9668/1.0333 rally lies just beneath parity, and AUD bulls are ... (full story)
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