AUD/USD Technical Strategy: Long at 1.0238, Targeting Above 1.0483
Floating Profit / Loss: +186 pips
We entered long AUDUSD at 1.0238. Prices broke above resistance at 1.0412, the 61.8% Fibonacci retracement, meeting our second objective and exposing the 76.4% Fib at 1.0483. We will continue to hold long, looking for a break above that to expose the multi-month range top in the 1.0578-1.0624 region. The stop-loss has been revised to trigger on a daily close below 1.0298.
Daily Chart - Created Using FXCM Marketscope 2.0
Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak
To be added to Ilya's e-mail distribution list, please CLICK HERE
New to FX? Watch this Video. For live market updates, visit the Real Time News Feed
