Resistance level at 0.7000 handle looks pivotal.
was showing a mixed technical picture: a medium-term symetrical bullish price channel, but choppy and is bearish price action over the short-term.
I thought the best approach would be hoping for the price to continue falling to the support level at 0.6913, and to enter a long trade if there is a firm bullish bounce there.The technical picture today is somewhat different. The price chart below shows that the flow of the price has moved from being contained within a bullish price channel into a new bearish price channel.is quite confluent with a key resistance level which itself is confluent with a major round number at 0.7000a bearish reversal at 0.
Regarding the USD, there will be a release of US CPI data at 1:30pm London time. There is nothing of high importance scheduled today concerning the AUD.