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USD Trading Outlook (12-11-2015)

Medium Term Strategy: Forex Pair of the day

AUD/USD – under pressure
The pair has posted a rebound but stands below the strong horizontal resistance at 0.7530. Moreover, the daily RSI has reversed down below its overbought area. As a consequence, further weakness is expected with a first target at 0.69 (September bottom) and a second one set at 0.6650. A third target is set at 0.6350 (horizontal support). Only a rebound above the strong horizontal resistance at 0.7530 would turn the outlook to bullish with a first alternative target set at the previous overlap at 0.7805 and a second one set at May top at 0.8165.
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