Though we’ve seen minimal volatility in the AUDUSD over the last five weeks, with rates consolidating within just a 175-pip range over that period, the price action has been nonetheless interesting. Three weeks ago, the Aussie appeared to be breaking out to a new 8-month high above resistance in the upper-.9400s, which represents the confluence of the April highs and the 78.6% Fibonacci retracement of the Q4 2013 drop. Just as bulls were starting to build momentum, RBA Governor Stevens pulled the rug out from under them with his comments that the Australian dollar was overvalued by “more than just a few cents” and ... (full story)