FX.co ★ AUD/USD Buy above Fractal 1.0359 for April 11, 2012 (Daily Strategy)

The Australian Dollar is in downtrend as we can see on the chart, but we cannot observe the strength that characterizes it even under continuous bearish pressure.

On the chart we can see that the Aussie has two resistance levels to overcome for the further ascending movement - the level 1.0339 (PPV) and Fractal 1.0359.

Therefore, we recommend buying above 1.0359 Fractal corresponding to 50% of Fibonacci retracement (0.9390 - 1.0849) with medium-term objective to 1.0561.

The MACD indicator indicates the upside potential.