AUD/USD continues to edge higher after stopping the remainder of our short position last Friday at the point of entry.

We remain longer-term bearish and continue to view the current region as a reasonable entry zone.

In particular, focusing on the medium-term picture, we see the current region as being crucial to maintaining the negative structure from the 1.0857 high.

The congestion that we see in the hourly timeframe is also consistent with exhaustion, thus we look to re-sell.

Daily Technical Report