The Australian dollar is showing its strength. It is ready to test the level of 1.05. Due to the increased demand of this pair and devaluation of the yen, we believe that this upward movement will have its stop at 1.0523 fractal daily, high resistance. Therefore, you can sell at any price below this fractal, stop loss is at 1.0530. We will place it very tight, because the daily closing above this fractal will be the beginning of a new upward sequence of the pair to levels of 1.08. On the other hand, if the pair closes below the bearish channel you can sell below 1.0470 with targets up to the 200 day moving average around 1.0373, U.S. dollars per Australian dollar.
If you need personal consultation, contact me via e-mail: gerardo.porras@analytics.instaforex.com
