The last 2 months saw AUDUSD on a bull tear without much retracement. Law of gravity states that whatever goes must come down.
Based on the presence of resistance available, AUDUSD may find moving up a bit tougher than before. The next 24 hours would be crucial for AUDUSD if price indeed found resistance. Come Wednesday we have the Consumer Price Index release followed by a speech by Royal Bank of Australia Governor, Lowe. Australia’s core inflation rate is expected to have stayed below target for a sixth straight quarter through April-June, a reminder of just why interest rates in Australia are at record lows and set to remain there for months to come. So any number equal or lower than expected should see a drop in AUDUSD and vice versa. After Wednesday, the next big news for Australia would be on August 1st where the Royal Bank of Australia rate statement would be out.
If there is any drop in AUDUSD, I only expect a short term drop as the main trend is still a buy.