SPOT AUDUSD - This week's technicals & trade idea
AUDUSD was sold at lower levels for a 6th week in succession last week. But although a marginally new 5 month low was posted, levels near a 62% correction of this year’s rise attracted profit taking buying. This led to a solid rally that yielded the most positive performance for 6 weeks and took the currency pair back to the 13 day line. The market remains below most of the key averages but although that adds a note of caution, our call for this week is a Buy from Monday 7am but leaving room to also Buy any Dip to .7579, Wednesday’s open. The risk is .7520, the 24 week base, with an immediate target of .7669, the 2 week high. A move through that point then exposes sentiment to .7730, November’s top, or even .7777, Oct 25th open.
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