AUDUSD has burst through 7680/85 over night & has also cleared the 7 week trend line resistance. We now meet strong resistance at 7777/7782. Although
AUD/USD Daily Forecast - 16 April 2015AUDUSD has burst through 7680/85 over night & has also cleared the 7 week trend line resistance. We now meet strong resistance at 7777/7782. Although the outlook is quite positive, we should struggle here today but shorts need a stop above the 100 month moving average at 7800/05. Be ready to go with a break higher to target strong longer term resistance at 7822/7828. A good chance of a high for the day and even for the week. Try shorts with a stop above 7845.
Failure to beat 7777/7782 could trigger a move back to first support at 7725/20. Try longs with a stop below 7710. On a break lower look for better support at 7695/7690 which should hold the downside at this stage.
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