- AUD/USD has paused downtrend from 0.75 levels (Dec 14). - The pair is extending sideways along major trendline support at 0.7160. - Multiple rejections seen at trendline support (0.7160), weakness only on break below. - RSI has shown a rollover from oversold levels. - Price action moving away from lower bollinger band. - Stochs are at oversold and rollover will add to bullish confirmation.
Fundamental Factors:
- Higher copper and iron-ore prices bolster bids for the commodity-currency. - Broad-based dollar weakness adding support.