AUDUSD still in a bearish pennant.

The rally back in “risk” helped the #AUDUSD off pennant support at the .7140 level as we test the 50dma, and the risk is the pair could trade back to the .7280 level near term while above the .7140 level. A break below that level would put the .7000 back in view and if stocks carve out a lower high on this current rally (short of the all-time highs) AUDUSD bulls should be on the defensive.

Blake Morrow