AUD/USD UPDATE – 09/05/2017 (11:34am) – by Arjun Lakhanpal

AUD/USD UPDATE – 09/05/2017 (11:34am) – Some short term chart indicators flashing oversold in AUD so we may consolidate or even rally from here.. Intraday price followed the flag continuation pattern breaking flag support which set up a selling wave lower to a new low at 0.7329. First resistance is 0.7369/74 then 0.7399 with 0.7427 above these. For any corrective rally to take a foot hold a move thru the latter is needed. Key resistance is 0.7494/07510. Broader picture shows the downtrend still in force, monitoring for signs of a corrective rally beginning.