By: Colin Jessup
The AUD/USD daily chart is indicating that we could see prices pushing higher this week. After last week's strong bullish move from 0.9943 to 1.0380 we have pulled back to a major support zone at 1.0152 and even traded as low as 1.004 (just short of the 50% retracement level at 1.002) before closing above the zone on Friday at 1.0217. While price is bearish at time of writing, it is possible that we will see prices turn bullish off of the previously mentioned support zone & the daily moving average of 1.0134 in either the UK or USA sessions later today. If price does move higher, look for resistance at 1.0340 and 1.0482 possibly later this week. If the bears win and we see prices break the support zone at 1.0152 I will look for support at 1.0014 and 0.9773 longer term.
Happy trading!
