Following an extreme trading day with the market testing to the 3rd PP level, we don't tend to see strong follow through the next day.
We are likely to see the market either pullback or go sideways for a day, with the buyers likely to resume in a day or two.
If we do see any upside, it probably won't be of the magnitude of the extreme day.
The 1StD Bollinger Bands are looking a little wide, suggesting that the AUD/USD is a little overbought and a mean reversion wouldn't surprise.
Looking to support on any retracement at the upper band initially, at 0.7914, the middle PP level at 0.7850 or the mean (middle of the bands) at 0.7881.
We are likely to see the market either pullback or go sideways for a day, with the buyers likely to resume in a day or two.
If we do see any upside, it probably won't be of the magnitude of the extreme day.
The 1StD Bollinger Bands are looking a little wide, suggesting that the AUD/USD is a little overbought and a mean reversion wouldn't surprise.
Looking to support on any retracement at the upper band initially, at 0.7914, the middle PP level at 0.7850 or the mean (middle of the bands) at 0.7881.