AUD/USD Daily Forecast
Ian Copsey | Jun 04, 2015 12:33AM ET
AUD/USD Forecast
INTRADAY CHART
BIAS: Wait for breaks
Resistance: 0.7790-95 0.7818 0.7831 0.7860-65
Support: 0.7750 0.7730-35 0.7710 0.7665-80
MAIN ANALYSIS: The rally reached the 0.7805 target and stalled below the 0.7825 resistance. This allowed a move back to 0.7750 for a recovery to 0.7813. This provides a potential double top, but will require a break below 0.7750. That is my preference. If the double top trough is broken, allow for a correction back higher. However, overall, this will generate a target around 0.7665-80. Also note and allow for 0.7635. If this is seen, then we should observe for bullish reversal indications, as I feel this needs a second rally.
COUNTER ANALYSIS: Only directly above 0.7818 would see further gains up to 0.7865-80 at least and could even reach the 0.7928 area… or more…
MEDIUM TERM ANALYSIS:
June 3rd: So, we've seen the current low and therefore a correction higher. I see resistance around 0.7860-80 and also 0.7928 also 0.7974. However, given the situation in the Europeans and the expected swings in USD/JPY, I feel we need watch for the potential for a sideways consolidation - perhaps a triangle or flat correction.
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