AUD/USD exhibits an ending diagonal of sorts in the hourly time frame. In particular we have seen a push higher which has been rejected. We now require some downside follow through to test the 1.0245 region, under which will confirm a false break higher.

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.

A sustained break over 1.0350 will suggest a neutral to bullish stance instead.

Daily Technical Report