AUD/USD Oversold Short Term
Jason Sen | Sep 22, 2015 02:12AM ET
AUD/USD is oversold short term, so a small recovery looks likely this morning. Holding good support at 7130/20 allows a move to 7150/55. We should struggle here, but further gains offer a selling opportunity at 7175/80. Shorts need stops at 7205. Be ready to buy an unexpected break above 7200 to target 7220.
Daily chart outlook remains negative, so we must be ready to sell a break below 7115 to target 7090/85, then good support at 7040/35 and a low for the day looks likely here. However, if we continue lower in the bear trend look for 7010/05, then 6980/75.
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