The Australian Dollar surged on Thursday and rose by more than 1 per cent as traders sold the greenback after a weak inflation report. Friday brought with it some consolidation and, therefore, the AUDUSD pair was flatting during the London session, trading at around 0.7120.
The price stopped at this week's highs near 0.7130 and, so far, failed to break above. The next resistance could be at previous lows of 0.7150 and, while the pair trades below, the longer-term outlook still seems bearish.
First bids might be located at 0.7090 and, if the pair drops back below this zone, we could see a retest of the current cycle lows near 0.7050.
However, as long as the pair trades between 0.7130/50 and 0.7050, the short-term outlook could be neutral and choppy, with most investors probably waiting for a break from these levels to set the trend for the next couple of days.
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