AUD/USD – Break sub-0.87 needed to confirm by double top: by Milan Cutkovic

AUD/USD ran again into good resistance above 0.88, but bears will need a clear break below 0.87 to confirm the double top formation at 0.8830. We have two key event risks tonight, in form of the FOMC minutes and the Australian employment data in the Asian session.

To the downside, dealers are seeing stops through 0.8740 and bids in solid size around 0.8720/25. To the topside, offers from 0.8815 to 0.8830. It would take really good employment data to drive the pair through this resistance area. Should that happen, not much resistance noted until 0.89.

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