AUD/USD Forex Technical Analysis for June 14, 2016
Technical Analysis – The AUD/USD pair rallied during the course of the session on Monday, but turned back around to form a bit of a shooting star. However, I do see quite a bit of noise just below, so I’m not necessarily interested in selling. If we can break above the top of the shooting star during the course of the session from Monday, I would be a buyer as the market would show a significant amount of bullish pressure. There’s so much noise below that I’m going to forgo any selling opportunities at this point.
In Other view point: AUDUSD
Pivot: 0.7420 Most Likely Scenario: short positions below 0.7420 with targets @ 0.7355 & 0.7310 in extension. Alternative scenario: above 0.7420 look for further upside with 0.7445 & 0.7475 as targets. Comment: as long as 0.7420 is resistance, look for choppy price action with a bearish bias.
In other View Point : AUDUSD – We look to Sell at 0.7426
AUDUSD – Broke the sequence of 2 negative daily performances. The rally was sold and the dip bought resulting in mild net gains yesterday. The move higher is mixed and volatile, common in corrective sequences. Trend line resistance is located at 0.7426. We have a 50% Fibonacci pullback level of 0.7431 from 0.7504 to 0.7359. Bespoke resistance is located at 0.7440. Preferred trade is to sell into rallies. Our profit targets will be 0.7360 and 0.7200.