By: Colin Jessup
The AUD/USD has bounced off of the Weekly S2, the Daily Moving Average and a long standing trend-line originating in 2010 during today's trading in Asia in spite of the country losing over 15,000 jobs. It now faces strong resistance from the Weekly S1 above at 1.0627, the very same support zone it was unable to break for most of February which is now resistance for the currency pair. As often happens, the pacific pairs typically rally during the Asian trading sessions and then reverse in the UK & NY sessions, so I will be looking for a close above 1.0630 before jumping on the Bullish bandwagon. To the more likely downside, we have support at the daily pivot of 1.0555 with the Weekly S2 of 1.0536 and Daily S1 at 1.0518. The pair will need to close below the Daily Moving average at 1.0560 before we can see a true shift to bearish trending in my opinion.
Happy Trading!