Wednesday, June 7, 2017

DAILY OUTLOOK FOR AUDUSD

INTRADAY CHART
BIAS:               We should either see a new high around 0.7522-35 for losses or a direct break below 0.7494

Resistance:     0.7522-35     0.7547-57     0.7584          0.7610

Support:          0.7494-00     0.7475          0.7443-57     0.7422

MAIN ANALYSIS:            The break above 0.7517 was a surprise… I am rather mixed between having seen the final high at 0.7522 or a break below 0.7494. Thus, if we see the blip up to 0.7522-35 watch for bearish reversal indications for losses to resume.

Equally, any direct loss of 0.7494 would confirm the 0.7522 high as the final high - and therefore watch for losses. Note support at 0.7443-57 that could provide a pause but later should see losses...

COUNTER ANALYSIS:    A break above the 0.7540 would surprise - and if seen then there's not a lot of resistance until 0.7584 and 0.7640…

Good trading 
Ian Copsey

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