AUDUSD has surged higher above .9408/11 - key price and the near-term falling trendline resistance – easing immediate topping concerns. Further strength here can see a move towards .9457, with this seen as the trigger for a move back to the 2014 high at .9506. Above here though can see an extension towards the 38.2% retracement of the decline from 2011/2014 at .9584, with better sellers expected here. Immediate support shows at .9397, then .9380, with a break here needed to see a retest of .9330/22 – the key “neckline” and price support. Only below here would complete a top. Strategy: Long, stop/reverse below .9320, for.9580.
Posted on: Wed, 23 Jul 2014 10:14:10 +0000
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