2 April 2016, 15:25
David Joseph

The Aussie did another attempt to close above 0.77 psychological barrier but failed as profit taking has increased due to the month end.

From a wider angle and looking at the weekly chart, the pair has already confirmed a bullish reversal after breaking above 0.7385 major resistance and consequently, the trend changed to bullish.

In the near-term, we believe that the downside potential is limited in this pair and actually, prices may continue to trade sideways as far as 0.7614-0.7637 support zone is in place.

In addition, a worse than expected Non-Farm payrolls figures can be the catalyst for another leg higher in this pair.

Support: 0.7637-0.7614-0.7510

Resistance: 0.7725-0.7750-0.7800
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