AUD/USD: Medium-term entry levels beckon

I’m still quite bearish on the USD. We have had the relieving retracement and now I’m looking for the USD bear move to recommence. Timing as always is everything but I’m happy to stick some offers in against the JPY, EUR and AUD.

AUD/USD broke below initial support at .7335 but there will be stronger levels near the 200-dma at .7265. I’m waiting for any intraday dips towards this level before hitting the BUY button. I’d expect initial resistance levels near .previous support at .7335/40 to cap intraday. I will re-assess my entry levels if this resistance cannot hold during Asian trade.

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