AUD/USD: Outlook For The Week Is Negative
Jason Sen | Jun 10, 2014 03:29AM ET
The AUD/USD unable to beat 2 month trend line resistance at 9370/75. A high for the day was expected in the 9360/70 area and as predicted the pair topped exactly here at 9363. The outlook this week is more negative and a break below immediate support of 9330/25 today targets 9305/00. This could hold the downside today but if we continue lower look for a buying opportunity at 9283/78 with a low for the day expected. However longs to need stops below 9265.
Only a close above 9380 opens the door to further gains this week and could target 9393/95 before May highs at 9409. Just be aware that that if we continue higher we meet 4 month trend line resistance at 9440/45 for a selling opportunity.
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