FX.co ★ AUD/USD - Bullish Outlook - for May 23, 2013 (Daily Strategy)

The Australian dollar is recovering after falling to 0.9590. This pair is linked to the yen due to geopolitical issues. Thus, after the yen's recovery, the Australian dollar gained some strength. During the early American session, this pair was trading below the 0.9760 fractal, if the pair exceeds this level and closes above, it will be a good opportunity to buy the pair with targets at 0.9920. On the other hand, a decline in the support area of the last fractal is a great opportunity to buy at low prices to wait for an upward movement for the next few days. Keep a close eye on the Momentum indicator. This pair is very oversold, because the moving average of the MACD has entered an oversold area. We are waiting for that break from the bottom up to sustain a long-term order to buy.

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