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AUSSIE TECHS: False Bearish Break?
After continuing its recovery off Thursday's low extended to 0.7061 early in the
European morning session, AUDUSD met resistance from the Apr 26 high.
Consolidation above 0.7040 suggests a potential false bearish break with topside
focus on the 0.71 level & 100-dma at 0.7121. Bears need a break back under 0.70
to extend the major downtrend and bring the 61.8% retracement level of the Jan
recovery into play at 0.6953.