Monday, July 9, 2012

AUDUSD – Longs with stops of 1.0070 (approx. 1.0164)

AUDUSD – Gains were rejected last week at 1.0321, Marubozu level from week 30th April. Although the downside has continued this morning the pair is still posting a sequence of higher highs and lows on the daily chart and trading well above the reverse weekly trend line (1.0066). As we write the pair is trading towards 1.0142, half the net gains from 29th June strong gains. We look for bullish momentum to continue from this level and so our call is a Buy with stop of 1.0070

The profit targets are 1.0243, then 1.0321 and towards 1.0474.

The risk however would be with selling through a stop of 1.0070

Posted by FXLTR at 2:04 PM
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