By: John Ursus
Timeframe: W1 Recommendation: Long Position
Entry Zone: 0.9025 – 0.9050
Take Profit Zone: 0.9550 – 0.9575
Stop Loss Zone: 0.8800 – 0.8850
The AUDUSD has been under pressure for several trading months, but has shown signs of a breakout which has increased bullish calls in this currency pair. The most recent breakout above 0.9000 has confirmed renewed buying pressure and this currency pair does not face and resistance until it reaches its next Fibonacci resistance level.
This currency pair may have set its low for the first-quarter and could enjoy a bumpy ride higher. Retracements should be used as a buying opportunity as the Australian Dollar may surprise most traders to the upside in 2014.