The Australian Dollar is attempting to launch the next leg of an advance started in late January after bouncing from rising channel support. Prices are testing resistance at 0.9390, the 23.6% Fibonacci expansion, with a break above that exposing the 0.9460-0.9507 area marked by the
Prices are too close to relevant resistance to justify a long position from a risk/reward perspective. On the other hand, the absence of a defined bearish reversal signal warns against taking up the short side. With that in mind, we will continue to wait on the sidelines for the time being.