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The AUDUSD bulls have managed to defend the support level 0.7107. As long as we stay above 0.7107 on a daily closing basis the bullish momentum should prevail. However, for the time being the Aussie seems trapped in a tight range and for the bullish momentum to gain traction we also need a break above 0.7233, which is the top of the current range.
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The stochastic indicator is entering in overbought territory but for the time being there are no signs of extreme readings that might suggest a reversal. A daily break and close above 0.7233 can resuscitate the bullish trend. The Australian economic calendar has one major risk event that can give more clarity to the price action. On Wednesday, we have the CPI inflation figures, which according to the market consensus should show inflation falling on a yearly basis.
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