FX.co ★ AUD/USD Bullish Outlook - For October 24, 2012 (Daily Strategy)

The AUD/USD pair managed to break its downtrend line on 17 October. It made a pullback to the bearish trend line yesterday; these details may be observed on the chart. Given that the pair is below the 200 day moving average period we cannot ensure that the pair is completely upward. In order to confirm it we should wait for a close above 1.0344. If you have already taken bullish positions on this pair, we recommend keeping it.
Therefore, we recommend buying this pair at current price level, because the pair is above the weekly pivot and it increases the probability of an upward movement. We will place our target at 1.0520.
The technical indicator is showing bullish strength.

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