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AUD/USD: Temporary Recovery Ahead

Published 02/10/2014, 06:57
AUD/USD
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While bearish signals for AUDUSD on the week have been confirmed, a sequence of lower daily highs has been ended in Asia this morning. Initial losses of just under 1 Big Fig attracted buyers on Wednesday from within 5 pips of January’s 2014 low and from close to a key 50% Fibonacci, for signals to improve.

With this in mind, but with gains likely to be corrective and temporary, the outlook for Thursday is to buy on the open and at .8770, with a stop loss at .8740. Targets are to .8830, .8860 and .8887, the 25th Sep high trade.

AUD/USD Quarterly Chart: key 50%AUD/USD Daily Chart: Lower Highs Ended

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