AUDUSD - Bullish trend supports scope to 1.0210

Bearish signals on the week and for yesterday were confirmed on Thursday as investors sold the AUDUSD for a loss of almost 1½ Big Figs on the day. While the selling is coming from the key 100 and 200 day average rates, the market is already attracting buyers ahead of a daily bull trend near 1.0095. Sentiment has improved further in Asia this morning and although gains are likely to be temporary, signals continue to point higher for Friday above a stop loss at 1.0095. The initial target to take profits is near 1.0185, a 50 percent recovery to this week’s losses (1.0283-1.0100), a break here improving sentiment to 1.0210, a deeper 62 percent correction and then towards 1.0261, yesterday’s top.
The risk however would be with selling through a stop at 1.0095, the daily bull trend, a negative signal exposing sentiment to 1.0050 and then towards 1.0019, the June 29 low trade.