FXStreet Expert Contributor
FXStreet
AUD/USD
SUPPORT
1.0565/63, 1.0545, 1.0525*, 1.0490/85, 1.0465, 1.0425/15, 1.0390*, 1.0345, 1.0325, 1.0300/95
RESISTANCE
1.0580/85, 1.0602, 1.0615/25*, 1.0670/90, 1.0745, 1.0790/95, 1.0820, 1.0855, 1.0875, 1.0920
DAILY PIVOTS
R2 1.0672
R1 1.0634
PIVOT 1.0563
S1 1.0525
S2 1.0454
Aussie did break higher as expected and came to 1.0602 where is has subsequently topped out. Now we did expect the market to top around the 1.0585 to 1.0620 area, and we have seen this. We have a double top on the charts now at the 1.0602 area, and we may see the market come lower early in the session to 1.0525.
We initially have the Daily Pivot to negotiate and this is at 1.0563 and we do need to break this to send Aussie on its way to 1.0525. We would expect profit taking here and fresh buyers com- ing into the market...so hold longs from this lower extreme and only reverse longs if we do lose 1.0515.
Yesterday we had selling the market on strength unless above 1.0630. This is still viable for to- day, and only above here would we see the Aussie strengthen leading us higher to 1.0745 go- ing into next week.
SHORT TERM FIB
23.6 1.0576
38.2 1.0560
50 1.0547
61.8 1.0534
76.4 1.0518
MED TERM FIB
23.6 1.0495
38.2 1.0428
50 1.0375
61.8 1.0322
76.4 1.0255
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