AUD/USD – Buy long above 0.97 – for May 29, 2013 (daily strategy)
At the beginning of the Asian session the Australian dollar was again affected by an IMF forecast that reduced growth expectations in China, as it has noticeable influence on the Aussie. The currency has reached its lowest level since early October 2011 at 0.9527. If you observe the chart this level fits with the first support weekly. On Monday, in our weekly analysis of pivot points we had mentioned that you could buy at that level. Now in the American session it takes strength and could even exceed the 0.97 area. Given that 0.9695 lies in the weekly pivot line, this is a very strong, now siver barrier to prevent rising Aussie. The bluntly break and close above this level will add strength to our bullish view. On the other hand, the Momentum Indicator is above the MACD red line, giving a bullish sign for the next few days.
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