The prevailing conventional wisdom that the BRICs will lead the global recovery continues to prevail though confidence has slipped a bit in that view in the last few sessions. That has resulted in good two-way flows in pairs like AUD/USD.
Oz looks to be in danger of triggering a double-top pattern on the medium-term charts over the next few days. Prices have fallen through a two-month-old uptrend in reent days and rebounds have been capped by the 10-day moving average today. A break of 0.7825 is seen opening the way for a pullback below the 0.7400 level.
Along the way, solid bids are eyed at the 0.7850 and 0.7825 levels, traders report. Dip buyers beware…
