Aussie N is testing lateral resistance, with intraday momentum currently in an overbought condition.
A break above the current resistance could lead to a move towards the upper parallel in the 15 60s, potentially gaining another 90 to 100 pips.
Initial support for Aussie N is at 1370, corresponding to a 78.6% retracement from the decline off the early high.
A close below 1368 could threaten a larger pullback towards the 618 retracement at 1275.
Gold is experiencing a slow grind, with the first break below 50 in intraday momentum this week, testing the weekly opening range lows.
Oil is bouncing off support at 79.16 to 80.75, with initial resistance at 85, influenced by ongoing geopolitical tensions in the Middle East.
Our interpretation: The current testing of resistance levels in Aussie N, alongside geopolitical factors affecting oil prices, suggests potential increased volatility in the FX market, particularly if momentum shifts lead to significant retracements in these assets.