AUD/USD touched off 1.0373 at the top of the hour.
My level to watch for AUD/USD is the 61.8% fibonacci retracement at 1.0384. A close below there points to a fall back to 1.0330.
I’m also hesitant to read too much into the market because quarter-end, the Australian holiday and the RBA on Tuesday could be causing unusual AUD selling.
One glimmer of hope technical hope for the bulls is the potential for an inverse head-and-shoulders pattern to form. If AUD grabs some momentum on Monday/Tuesday, the pattern sets up for a rally to 1.0620.
