AUD/USD slightly lower today
Last week's momentum in the Australian dollar was halted by the two-hundred day moving average. It's just below 0.77000 and has capped the pair for the past few days, including a failed test today.
In addition, the 55-dma has crossed below the 200-dma in a bearish development for the pair.
With the RBA likely to be on the sidelines for at least the next six months and genuine worries about Australian housing, there is a good case to be made against AUD/USD if the US dollar can ever get on a roll.
Alternatively, a climb above 0.77000 could set-off a nice run higher into year end.
