FX.co ★ AUD/USD Buy Above 1.03 - For November 16, 2012 (Daily Strategy)

Yesterday the Australian dollar had a bearish session; the fall was slow because it faced the monthly support level 1.0312 and weekly support 1.0318. Below it the risk of a fall is strong.

As you can see on the chart, the weekly support of 1.0318, the Aussie can reverse towards 1.0398. Therefore, on the 4H chart we recommend buying a close above this level. Put stop loss at 1.0270.

In the medium term our bullish outlook remains above 1.0210.

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