FX.co ★ AUD/USD Bearish Outlook for August 09, 2012 (Daily Strategy)

The AUD / USD holds 1.0612, as we had mentioned in our yesterday's analysis, the level of 1.0610 is a strong resistance and 1.0620 will most likely have a correction for the next few hours.
On the other hand, a break of 1.0620 resistance would show a significant increase in momentum for buyers. Only if the pair closes with a daily candle, it will be a signal to buy with targets at 1.0840.
So, there is probably a throwback to the support level of 1.03.
We, therefore, recommend selling at current price levels, targeted to the moving average of 200 periods of 1.0288 or can sell at the 1.0610 level.
The MACD indicator is showing a deeper correction.

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