AUDUSD Bullish Re-Energizing Threat Through .9375
Steve Miley | May 07, 2014 03:02AM ET
AUD/USD solid rebound points to a more bullish shift
We highlighted in our last client report that the Friday head fake lower and rebound “continues to reject a shift to a more bearish tone and we still see a .9200-.9375 range for early May, but with a constructive bias to aim up through .9320 towards .9375 this week”.
The Tuesday push up above the .9320 modest resistance level leaves risk through midweek for a bullish shift above .9375.
WHAT CHANGES THIS?
Upside: Above .9375 would re-energize the bull tone for .9835/40 targets
Downside: Below .9200 sees a better top and bearish shift to favour erosion through the 200-DMA, .9150 for .8995.
Please see full report with levels and latest audio-visual analysis here :
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