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AUD/USD – Buy above fractal 1.0299 – for April 30, 2013 (daily strategy)

Posted at April 30, 2013 Categories : Forex Analysis |

 

The Australian dollar is supported above 1.0299 fractal, but it found strong resistance at 1.0344 zone. If the pair closes on 4-hour chart above this level you can buy with the nearest target in the level of 1.0397 around the 200-day moving average. On the other hand, given the fact, the Momentum Indicator is in the oversold area and moving average of MCAD is leading the fall, it is likely in the next few days the pair returns to the levels of 1.04 and 1.0590. If the Aussie bounces around 1.03, we return to buy at low prices, waiting of an upward movement, the stop loss is placed below 1.0250.

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