Daily Forecast - 03 April 2014
AUDUSD
AUDUSD struggling with an overbought stochastic & appears to be losing momentum. Exactly as predicted we saw more sideways action & held resistance at 9270/75. Strong support at 9220/10 is important with a low for the day yesterday as expected. However longs need stops below 9200 today. Go with a break lower as we should then target the next support at 9160/55 & a bounce from here expected. Just be aware of 200 day moving average support at 9135. Only a close below would question the 2 month bull trend.
Above 9230 is more positive but resistance at 9245 could hold a move higher. However above here a high for the day likely again at 9265/70 but a break higher targets 9280/85 before the 9300/05 highs.
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