The Aussie Dollar has shown some resiliency in the early week following sharp losses in the second half of last week. While the broader Dollar strength today failed to trigger a continuation lower in the downtrend, the pair is on track to post a daily doji to snap a two-day recovery. Volatility is expected to slow for the remainder of the week as US banks were closed on Thursday in observance of Thanksgiving.
Following the break of a rising trendline that extends back to January lows, AUD/USD has carried bearish sentiment. The recovery in the pair in the week thus far has been shallow as it has served to erase losses from last Friday. A doji print would signal a loss of momentum in the recovery, likely to entice bears.
Aussie is currently being traded around 0.74 area. Pair is likely to find support around 0.7370 level and resistance above 0.7430 area.
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