AUD/USD: Important Longer Term Resistance At 7710/20
Jason Sen | Sep 29, 2016 01:37AM ET
AUD/USD reaches important longer term resistance at 7710/20 as we become overbought. Exit any longs and try shorts with stops above 7760. If this holds as expected, we target 7690/85, then minor support at 7670/66, perhaps as far as better support at 7650/46 today. Longs look a little risky but if you try, place stops below 7630. Further losses target strong support at 7615/10 which should hold the downside at this stage.
If stops on shorts are triggered above 7760 this is a buy signal, as long as we close above here. But we need a weekly close above here tomorrow to confirm, as this is such a major longer term resistance area. We should then test the 2016 high so far at 7830/35.
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