AUD/USD Longs Need Stops below .7390
Jason Sen | Mar 16, 2016 06:38AM ET
AUD/USD has held 7445/40 as the pair becomes oversold short term. A recovery meets resistance at 7480/85. Only a break above 7500 is more positive for today and opens the door to 7530/35 first target, perhaps as far as 7585/93 highs. We should struggle here, but a break above 7605 keeps bulls in control to target 7625/30, then strong resistance at 7650/54 for a selling opportunity.
7445/40 is not a support, so a break below here confirms further weakness and targets first support at 7413/08 for a buying opportunity. A good chance this will hold the downside, but longs need stops below 7390. A break below is a sell signal and targets 7350/45.
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