The Australian dollar has been pushed down below the weekly pivot line, which is located at 0.9519. We see that it is still very difficult to sell the Aussie at this level again in the medium term. We hold our bearish outlook to the 0.9270 area, but in the coming days the pair may move upwards only if it is trading above 0.9520. So we recommend buying the pair only if on the H4 it is above this level. On the other hand, below 0.95 sales are secured to the first weekly support of 0.9375 and below even up 0.9181. The Momentum Indicator formed a bullish channel, due to that this channel has not been broken, it is likely that the Aussie gains bullish momentum to 0.9713.
If you need personal consultation, Skype: gerardofx or contact me via e-mail: gerardo.porras@analytics.instaforex.com
