FX.co ★ AUD/USD - Gap around 0.9502 - daily strategy for June 11, 2013

The Australian dollar still remains under downward pressure, losing ground against the U.S. dollar. This morning the Aussie reached a low over about three years and it is on track to cover the gap that left the September 10, 2010 at 0.9270. The pair has approached this level, it is very likely that the next few days will look for this level. On the other hand, earlier this week the pair has left another gap at 0.9502, and have not covered it yet. If able to cover the gap, the weekly pivot line is going to be very difficult to break, so we recommend sell below 0.9575 with targets at 0.9270, or if you prefer to buy, expect the Aussie to cover the gap of 2010 and then buy, with objectives in the medium term to 0.9935.

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