FX.co ★ AUD/USD - Buy above fractal 1.0224 - for April 23, 2013 (daily strategy)

The Australian dollar fell against the dollar, a direct consequence of negative reports in the Chinese economy, the main market of this country. The rate is likely to continue downwardly but it must close below 1.0224 fractal. Given that the Momentum Indicator is entering an oversold area, it is more likely that there is bullish move to the Aussie, which immediate objective is the level of 1.03. Thus, the pair is approaching the 1.0224 support, it will be a good opportunity to buy the pair. Stop loss is placed below the minimum of February.

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