Today's First For Trading Call

AUDUSD - Stalls at cloud base and 61.8% Fibonacci; Bullish

Ian Coleman - First 4 TradingIan Coleman - First 4 Trading , Analyst, First 4 Trading
Filed in Today's First4Trading Call
United Kingdom, 24 October 2012 at 06:43 GMT+0
Recommended Recommend Unrecommend Recommend

Selling through 1.0295 triggered our short yesterday and AUDUSD posted the fourth negative day in succession. However, the downside stalled under 1.0250, a 61.8 percent pullback of gains from 1.0149-1.0413. This coincides with the weekly Ichimoku cloud support (see chart). Follow through buying has been posted overnight and there is no indication that this renewed bullish sentiment is stalling. Our call is a Bullsh above stop of 1.0285.

The profit targets are 1.0329, intraday 261.8 percent extension level, then 1.0366 and towards 1.0413.

The risk to this call is that the improvement was a temporary one and this would be signalled by a move below, 1.0285.

AUDUS daily

AUDUSD Weekly

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