The Australian Dollar launched sharply higher against its US counterpart, producing the largest daily advance in six weeks. Prices have now broken the series of lower highs and lows established from mid-October, seemingly overturning the near-term bearish trend bias. From here, a break above the 38.2% Fibonacci expansion at 0.7197 opens the door for a test of the 50% level at 0.7253. Alternatively, a move back below the 23.6% Fib at 0.7128 – now recast as support – clears the way for a challenge of the 14.6% expansion at 0.7085. We entered short AUDUSD at 0.7058. Prices have not met the conditions set out to trigger ... (full story)