Forex Trading - Revisiting AUD/USD Again

Over the last few trading sessions we have examined the Aussie against the US Dollar in the narrowing channel featured below. The positive US Dollar move today coupled with a 17yr high Australian inflation report, without any rate hike projected by the RBA, has caused the AUD/USD to break the channel and subsequently the .97 handle. Now we notice the AUD/USD continuing to trade weaker toward the .96 short-term support level and the 200 day moving average. It will be interesting to see the markets reaction as the pair approaches this critical level.