FX.co ★ AUD/USD - bearish outlook - for March 20, 2013 (daily strategy)

The Australian dollar is trading below the medium-term bearish channel and about daily fractal, 1.0386. This is a key point for this pair, the fact that you have found strong resistance at this level is a proof that yet the downward pressure prevails. On the other hand, a weekly close above this level would be the beginning of a new upward sequence, which aims the levels of 1.06 and 1.08. Therefore, it is recommended to sell this pair at the current price levels, with objectives to fractal, nearest to 1.0307 and if the downward pressure continues, it is expected that the bearish wave takes a minimum of 1.0230, which is a very strong support on the daily charts. On the other hand, the MACD indicator is overbought, giving the signal a bearish movement for the following sessions.

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