Resistance: 1.0207 1.0225 1.0250-60 1.0275-80
Support: 1.0178 1.0154 1.0140 1.0103-23
BIAS: If this is to rally it needs to do so now…
MAIN ANALYSIS: As described yesterday, the upside was always going to be limited and price didn't even reach the 1.0225 resistance. This is still the key resistance, and if there is to be a stronger recycling higher then we need this to break. Once above 1.0225, we should see extension to around 1.0250-60 for a correction. Once that is complete, the next target should be the 1.0300-18 area. This peak should provoke only a minor correction - around 20 points - before extending to the 1.0384 -1.0433 area.
COUNTER ANALYSIS: However, if 1.0220-25 caps and we see a break below 1.0154, the risk will be for extension to the 1.0115 low. Around here - could be just below or just above - should see a correction higher. Only below 1.0090 would extend losses to 1.0058 at least.
MEDIUM TERM ANALYSIS:
May 8: The 1.0154-1.0225 range is now important.
Below 1.0151 would maintain the losses, although it provides temporary support between 1.0095-1.0115. It would provoke a correction, but more likely later extend losses to just below 1.0000.
Above 1.0230-35 would see a total recycling back to the 1.0384-1.0433 area - though then risk losses to just below 1.0000.
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Daily Forecast For AUD/USD
Published 05/09/2013, 02:46 AM
Updated 07/09/2023, 06:31 AM
Daily Forecast For AUD/USD
DAILY FORECAST FOR AUD/USD
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