AUD/USD: Buying Opportunity
Jason Sen | Apr 01, 2014 06:42AM ET
The AUD/USD hit good support at 9210/00 for a buying opportunity and bottomed almost exactly here at 9214. A low for the day was predicted and if any longs were purchased they were rewarded with a retest of last week's high at 9295 before topping at 9305/15 resistance over night. We are really struggling with an overbought stochastic and appears to be losing momentum. There is a risk of some profit taking to 9230, possibly 9215/05. A good chance of a low for the day here but any longs need stops below 9185.
Immediate resistance at 9295/9305 but above 9310 is more positive and could target 9335/40. There is a good chance of a high for the day here but if we continue higher look for a selling opportunity at 9390/95 and a high for the week.
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