FX.co ★ AUD/USD Bearish Outlook for August 08, 2012 (Daily Strategy)

The Australian dollar remains firm, and may continue rising to 1.0610 fractal daily and weekly resistance near 1.0620. Closing above these levels will increase the probability of a new rally to the 1.0820 level. On the other hand, most operators consider an upcoming correction for this pair and this could be the case soon, so we recommend selling on the level of 1.06 or we can sell only if the pair closes below 1.0547 weekly pivot. Target to 1.0380.
Both MACD indicators and trend are showing overbought position and an imminent bearish correction.

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