Stock market weakness had caused investors to temporarily abandon commodity currencies, resulting in their lag behind gold and oil for some time. Yesterday, we finally witnessed a decisive break of AUDUSD's downtrend line drawn since November. Its previous resistance at 0.8900-0.8920 now acts as short-term support. A failure to hold that level will impose a test on the 0.8830-0.8850 level, while I will certainly consider adding positions to any pullback to this level. Barring serious shocks from the stock market, we should see a push to at least 0.9100-0.9150.
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