AUDUSD Holding It’s Own

The AUDUSD finished the week basically where it began.  The cross traveled in a narrow 110 pip range for most week.  On Friday the pair attempted to break below range support at 1.0220.  The cross did closes below this level but only after rebounding to test it once again.  Heading into the open of trading on Monday the 1.0220 level will dictate price action.  If the pair pops back above this level into the open we could be looking for a retest of the 1.0350 level.  If the pair remains below 1.0220 the AUD could drift down towards trend line support at 1.0160 and ultimately test the .618 Fib from the May lows at 1.0132.

Sup       1.0132/40                         Pivot   1.02220

Res       1.0350

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