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AUD/USD – Buy above 0.9117 – daily strategy for July 18, 2013
Yesterday the Australian dollar during the American trading session was trading at 0.9275, its highest level after having fallen to 0.8997. Since in this area a very strong resistance lies, the pair tried to overcome but failed. In view now the pair is trading at 0.9118 support levels, we recommend buying above this level with stop loss at 0.9090. We find our target at 0.9310. On the other hand, if the downward trend continues, it is more likely that the pair intends to break below the 0.90 level, and when it happens we probably have to fight our way to the 0.85 level relatively soon.
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