The Aussie Dollar (CME:A6M14) continues to maintain bullish higher-high higher-low intermediate term structure while momentum is a bit of a mixed batch as of late. Longer term structure remains intact above the 9176 – 9181 support range with more relevant support being seen at 9221. Price action has been relatively choppy over the last six weeks with no “real ground” being made on either side of the market.
Momentum traders could look to take advantage of this opportunity by potentially buying dips into support near the lower end of the range or selling rallied into resistance near the top. Momentum indicators can be especially useful in these sideway, range-bound trading markets so traders should consider putting additional weigh on RSI and Oscillator signals. Traders operating in the Aussie today should keep the 9237 and 9259 pivots in mind as they could provide local structure to price.
Australian Dollar 30-minute Bar Chart (e-Signal)