Aussie just couldn't make 7740, but hit 7756/52 and then has bounced back to our predicted target of 7835...Longs covered...Although the med term charts remain pointing lower the 4hrly has just turned bullish today... so there is scope for the market to make another test of the topside.
7850 we know is good resistance so above here would leave the way clear for further rallies to 7883 possibly 7914.
Now short term as you would expect Aussie is overbought....therefore short term we may well hold 7835/50 and come back on a correctionary basis....To be fair the chance of it going to 7750 again seems a little remote...and this time round if it does it is more than likely to break 7740 and come lower to 7680 possibly 7648.
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