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– AUDUSD approaching a demand zone (support) on the daily time frame – .9715 – .9660. Still around 130 odd pips away.
– The zone also confluences with the 78.6% Fib Retracement of the AB up move from Oct 2011 to end of Feb 2012.
– I would expect a bounce in the Aussie off this level.
AUDUSD has a high +ve correlation with GOLD. There has been a bounce in GOLD over the last couple of days.
We have been in a risk on environment for the past couple of weeks. I expect a recovery of some sorts in the upcoming days.