AUD/USD Recovers Quickly From 7417 Low
Jason Sen | Jul 28, 2016 09:08AM ET
AUD/USD recovered quickly from the 7417 low and will need to hold above first support at 7478/73 to test resistance at 7505/15.
This is the main challenge for bulls today but shorts need stops above 7535. A break higher is a buy signal and targets minor resistance at 7570/75.
Further gains target 7595 then trend line resistance at 7640/45.
Failure to hold above first support at 7478/73 targets minor support at 7455/50 then 7420/16 and perhaps as far as minor support at 7405/7395.
A break lower targets 7375/70 and perhaps as far as strong support at 7330/20 which should be a good buying opportunity.
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