Aussie dipped a little lower than 1.0335, but not much and once stops were taken out the Aussie rallied. We have resistance in the 1.0425/36 are, ad currently this has held the topside in overnight trading. Now we see the market support at 1.0400 and if we cannot hold onto this support we should go lower and test the daily pivot located at 1.0364 tying in with our 1.0360 support..Now we have already tested the pivot in the overnight session....but Europe and the US haven't... so would expect this level to be tested in one or other of these trading zones...

Obviously if we hold 1.0400 and then break 1.0436 the picture alters and we should then be able to trade higher and head towards 1.0470 to possibly 1.0500. We would cover all longs to here..Re-sell a bounce to here, and hold unless we break 1.0517.

So as stated support is at 1.0400 and 1.0364/60. If therefore we do lose 1.0360 we see 1.0338/28 once more...We
would again buy these lower levels...keeping stops below 1.0310...

 

The article was first published by CharmerCharts