AUDUSD back in focus

The AUDUSD was the chart of the day on July 27th, and once again we are back at the same spot with a similar view. The fact of the matter is the AUDUSD has failed to rally with global risk assets and the SPX is now just 30 points (or less) form the all time highs, and the AUDUSD can’t even get above the .7420 previous support. A bear flag is developing and now a move below the .7350 level may put the .7058 long term 38% Fibonacci retracement in view as daily RSI has worked off oversold condition and is back to neutral.