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The Aussie has somewhat halted its long-term slide over the last week. In fact we even got a rebound on Tuesday even though the RBA kept rates on hold. However the thing to note is that we are now settling into a pretty nice trading range.

As you can see on the charts we have the top of the range around 0.7700 and the bottom at 0.7640.

I’m still long-term bearish so with that in mind I wouldn't want to be trying to buy along that support level. However I am interested in selling the top of the range.

I will be targeting any spikes into 0.7693 as my key level for today. Any further weakness in the USD might see as break 0.7700, however I think we are still in a downtrend.

 

AUD/USD – 240 min Chart.