AUD/USD: Bulls Gain Some Control
Jason Sen | Sep 04, 2017 03:41AM ET
AUD/USD held above above 7925 on Friday for bulls to gain some control as predicted 'targeting minor resistance at 7945/50 and 7975/80, perhaps as far as 7997/8000'. We topped just 4 pips below here. A gap lower this morning has seen a low 5 pips above 7925 for a bounce to 3 pips below 7975/80. I cannot change the levels until we at least see a breakout of the 2 week range of 7868-7995. On further gains this week look for a test of the July high at 8065.
Strong support at 7900/7890. Try longs with stops below 7865. A break lower targets 7850/45 before a buying opportunity at 7800/05. Try longs with stops below 7775. Be ready to sell a break lower however targeting 7740 and 7720/15.
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