AUD/USD: Look For Losses
Ian Copsey | Jul 01, 2016 12:39AM ET
INTRADAY CHART
BIAS: While still allowing for 0.7484, overall I still look for losses
Resistance: 0.7462-72 0.7484 0.7510 0.7525
Support: 0.7423-33 0.7400-05 0.7370-80 0.7348
MAIN ANALYSIS: Yesterday's high at 0.7472 appears to have been the Wave ^C. Price rushed lower and then back higher but has stalled at 0.7462… Ideally, I'd like this to just go lower to reach the 0.7348 area. However, it will be best to still allow for 0.7484. Thus, work more with the downside for today.
COUNTER ANALYSIS: Only a break above 0.7490 would risk further gains but I wouldn't suggest following this (unless both hourly and 4-hour momentum are pointing higher) and more I feel we'll end up with a bearish reversal indication.
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