Well, the the the first time in quite a long time the AUD doesn't look so bad. In my last post
08/08/13 AUDUSD we mentioned the resistance from the down trendline and 20day SMA & EMA might prove too much, but I have to admit I think it might just have succeeded. Yesterday's price action was a very key day for the bulls, bouncing off both the moving averages as well as the 38.3% retracement from the 5th - 9th August rally at 0.9075 level. The candlestick was encouraging too with a
bullish engulfing pattern displayed.
This might be a good trading alternative to the USDJPY if the Non-farm payroll numbers are disappointing, causing further weakness to the USD. A breach of the high made on the 12th August would shoot the market up to test 0.9300. This could be much tougher to breach, but IF is does so, the next target after that would be 0.9600, I mentioned this strategy in my post back in
02/08/13 AUDUSD.
Charts sourced from IG Index
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