FX.co ★ AUD/USD - Buy above fractal 1.014 - for May 08, 2013 (daily strategy)

The Australian dollar fell yesterday because of the interest rate cut by the Reserve Bank of Australia, leaving it at 2.75%. The Aussie reached a minimum of March and a break below 1.0115, at least that date it extended its losses to values of July 2012. On the technical level we see that the pair has stopped just above the last daily fractal which is at 1.0149, this is the last level that remains for the Aussie to maintain a bullish trend. So we recommend buying above this level. We will place stop loss below the fractal, a few points below 1.0145. On the other hand, the Momentum Indicator has broken the moving average of the MACD from bottom to top and is showing a bullish signal, adding weight to our bullish strategy.

If you need personal consultation, contact me via e-mail: gerardo.porras@analytics.instaforex.com