By: Colin Jessup
The Aussie daily candle has formed right on a support zone at 0.9525 with both yesterday's and today's candles having no luck breaking and holding below (7 hours into today's session). Both the Stochastic and the MACD seem to be indicating that price could turn bullish, but the moving averages still have nice separation and a strong downward angle, which could indicate lower prices. Look for support at 0.9450, 0.9400 and 0.9353 below that. Resistance levels of 0.9600, 0.9730and 0.9795 (which is also the 62 EMA). Its quite possible that we could pull back to the 0.9750 or 0.9800 level before continuing downward, but at this point my money is on the bulls.
Happy Trading!
