AUDUSD Attempting a Base

A far more positive tone last week after the RBA statement Tuesday to surge higher, and again Friday to push above the down trend lines from June and May.

This has more than just eased bear extension pressures with strong bias for a base and neutral shift into early August (only above .7499).

Whilst below .7499 we see a still bear theme for August, but growing risk is for a push through here and a switch to a broader range theme.

For Today:

We see an upside bias through .7428; break here aims for key .7449 and key .7499 barrier.

But below .7360 opens risk down to .7332/12.

Short/ Intermediate-term Outlook – Downside Risks:

Whilst below .7499 we see a negative tone resurfacing with the bearish threat to .7269 and .7091.

Break sees psychological .7000.

What Changes This? Above .7499 signals a neutral tone, only shifting positive above .7849.  

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