If we zoom out to the daily chart we clearly see the longer-term downtrend but the Stochastic Oscillator is now heading into oversold.

If we look at our post-COVID Fibonacci we can see just how strong the 50% level was and we are heading to the 61.8% level of support, just below $1,700.

Curiously we see continued USD strength against all currencies except the COMDOLLS, or Commodity based currencies like CAD, AUD and NZD.

If you went long on AUDUSD yesterday, based on our fundamental analysis, you’ve made some pips and, on the technical side, we see a clear bounce off the lower trend line, we are waiting for MACD to cross out of its oversold histogram, and the Stochastic Oscillator to give us some direction.

We see a similar situation with the Canadian Dollar, inversely of course, where we have been in a long-term downtrend.

The recent drop in the price of crude has stalled the strength of the Canadian Dollar but we see a bounce off the lower trend line of WTI and the Stochastic Oscillator just turned from oversold.

The final COMDOLL pair is NZDUSD but the technical indicators for a buy position are not there yet but we will monitor the situation.