It was only a few days ago that many were seeing the next move to be a crash toward parity (1.0000) and all stations downwards.
Earlier we touched 1.0300 and the teflon currency has shaken off , at least for the moment, a good number of the bears.
The H4 shows a break through of the downward channel four candles ago but shows the resistance to be met on a push to the 1.0340-60 area should the market have the appetite – there are certainly shorts out there that may get a tad nervous. The resistance I have just mentioned contains the 0.50% retracement at 1.0355 of the downmove from the 10th January.
AUDUSD H4
