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Aussie's Outlook Negative With Hardly Any Movement This Week

Published 08/26/2016, 02:26 AM
Updated 07/09/2023, 06:31 AM

AUD/USD Weekly Chart

AUD/USD outlook negative but same levels apply for today with hardly any movement this week unfortunately. First support again at 7590/85. A break below here is more likely and is seen as a sell signal targeting 7550/45 but strong support at 7525/21 could hold the downside so we are profit taking on all remaining shorts on the approach to this area. HOWEVER longs are a little risky...if you try for a quick bounce, use a stop below 7490.

Resistance at 7630/35. Try shorts with stops above 7660. An unexpected break higher targets only minor resistance at 7685/90 then trend line resistance at 7720/25.

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