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AUD/USD Holding Below 7640

Published 10/27/2016, 01:45 AM
Updated 07/09/2023, 06:31 AM
AUD/USD
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AUD/USD Weekly Chart

AUD/USD holding below 7640 targets 7620/17 then 7590/85. A break lower meets quite strong support at 7560/55 and a bounce from here is expected today. However, if we continue lower in to the end of the week, we meet much stronger support on the weekly chart at 7520/10. This would be an excellent buying opportunity if hit. Try longs with stops below 7470.

Above 7650 targets minor resistance at 7676/80 then trend line resistance at 7700/05. Shorts need stops above the October highs at 7734, but bulls need to clear the August highs at 7750/51 to start a bull trend.

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