AUD Trading Outlook (16-05-2016)

Trade AUD/USD Intraday: key resistance at 0.7310.

Pivot: 0.7310

Our preference: short positions below 0.7310 with targets @ 0.7245 & 0.7220 in extension.

Alternative scenario: above 0.7310 look for further upside with 0.7335 & 0.7370 as targets.

Comment: even though a continuation of the technical rebound cannot be ruled out, its extent should be limited.

Supports and resistances:
0.7370
0.7335
0.7310
0.7280 Last
0.7245
0.7220
0.7190

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