Australian dollar down 12 pips to 0.7215
AUD/USD reached as high as 0.7259 earlier today but has faded alongside broad sentiment and commodities.
The turn ends a roughly 200 pips rally from 0.7068 since the start of the week. It was a rip from below support and quickly above the February highs. That kind of turnaround is a bullish signal.
At the moment, however, we're in a retracement phase. I would argue in favor of buying a dip in the pair somewhere in the zone of the 38.2% to the 50% retracement.
