AUD/USD Technical Strategy: Long at 1.0238, Targeting 1.0365
Prices broke above falling trend line resistance set from late January, hinting the near-term bearish trajectory has been overturned and opening the door for a move higher. The pair is now re-testing the trend line as support and we will enter long, initially targeting 1.0365. A stop-loss will be activated on a daily close below 1.0114, the March 4 low.
Daily Chart - Created Using FXCM Marketscope 2.0
Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail firstname.lastname@example.org. Follow Ilya on Twitter at @IlyaSpivak
To be added to Ilya's e-mail distribution list, please CLICK HERE