AUD/USD: Expect Recovery
Jason Sen | Oct 14, 2016 07:43AM ET
AUD/USD quickly recovered up through 7530/25 hitting targets 7555, 7665/69 and finally 7576/79. Outlook is positive now and we should build a recovery in the days ahead. First resistance at 7570/75 but above here we target 7590/95 then resistance at 7615/20. A high for the day likely but shorts could still be risky. If you try use a stop above 7635.
First support at 7450/46 but further unexpected losses risks a retest of important support at 7530/25. Again, not far below we meet both 4 and 9 month trend line support at 7495/90, which should also be a good buying opportunity. A break below however is a short term sell signal & tests the September low and 200-day moving average at 7440/35.
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