The Australian Dollar fell as expected against its US counterpart after prices took out the bottom of a rising channel set from late January. A rebound back above 0.93 appears corrective for now. Near-term support is at 0.9201, the 23.6% Fibonacci expansion, with a break below that targeting the 38.2% level at 0.9041. Falling channel resistance is at 0.9361, followed by the
We entered short AUDUSD at 0.9328, targeting0.9201 as the initial objective. A stop-loss will be activated on a daily close above 0.9408. We will take profit on half of the trade at the first target and trail the stop-loss to the breakeven level.