Hourly Chart
Aussie is currently trading between 1.035/1.037, the L3/L4 support zone for today. If we were to use Daily Chart as reference (see below), the recent downtrend can be interpreted as simply a short-term pullback. However, a bearish breakout scenario is also valid should price break below today’s L5 of 1.032, breaking the upward trendline since 1st Jun 2012.
With that in mind, there could be aggressive bears looking to break L4 heading towards L5. A push above L3 will encourage bulls to push back up to H3 and eventually H4, which is confluence with Yesterday’s High.
Daily Chart
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