AUDUSD constructive range tone whilst above .9330/20
· A far deeper setback than we had anticipated on Tuesday with a plunge through trend line and chart support at .9350, to just hold in the .9330/20 pivot area.
· This leaves a more neutral tone into midweek, though the strong June rally from ahead of .9200 to push above .9410 leaves the short-term outlook still bullish for the week.
· We see a digestion above .9320 and below .9405 for Wednesday ahead of the FOMC.
· For the week, we see risks still back higher for a test to .9405 and maybe the .9460 peak and above to notable retrace and chart targets at .9525/45.
WHAT CHANGES THIS?
· Below .9320 signals a neutral tone, only shifting negative below .9230.
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4 Hour AUDUSD Chart
Daily AUDUSD Chart