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Forex pairs in this Article » AUD/USD (San Francisco) - AUDUSD continues to trade in consolidation mode by retains a negative bias on RBA rate cut expectations. Spot has so far slid as low as 1.0373 (vs. 1.0388) today in Asia as market participants await the outcome of the FinMin meeting in Brussels. If the downward momentum picks up in the sessions ahead, a break below overnight support at 1.0356 would then open scope for a test of bids at 1.0325 (July 5 low); upside rallies may find resistance at 1.0410 (Oct 18 high).

"We didn't get the direct follow-through higher [overnight] but [instead,] a deeper correction that has been supported by the 4-hour Price Equilibrium Cloud," explains Ian Copsey, Market Analyst at Harmonic Elliott Wave. "There is also support at the 1.0340 pivot support. As long as this area holds we should see resumption of the upside and back to the 1.0424 high and probably towards the 1.0458 & 1.0480 peaks... That may well be enough for today."

AUDUSD is looking even more top heavy at the time of writing, now threatening to target lows below 1.0370.
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