USD Trading Outlook (28-05-2014)
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Forex pair of the day |
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AUD/USD – above a strong support |
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The pair faced a pull back on its support and is posting a rebound. Further advance is likely as the 200-day moving average behaves as a support and the daily RSI is reversing up above its oversold area. Then, as long as 0.9120 holds as a support (previous resistance which now acts as a support), next up targets are set at 0.9540 (horizontal resistance) and 0.9760 in extension (October 2013 top). A third target is set at 0.9970 (horizontal resistance). Only a break below 0.9120 will turn the outlook to bearish with a first alternative target is set at 0.89 (horizontal support), and 0.8650 in extension (January bottom). |
