FX.co ★ AUD/USD Forecast For October 17, 2012 (Daily Strategy)

The pair had a strong resistance at 1.0290. Yesterday it broke this level and gained quickly positions and now is between the 200 day moving average periods. If the rate exceeds this level it will be very bullish for the next few days. It is likely to set back again towards 1.0290; now it becomes a very strong support. If you buy positions below 1.0290 we recommend keeping because it is expected the aussie to reach the level of 1.0400 in the short term.

Moreover, it is recommended buying above 1.0290, when there is a rebound to those levels.

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