AUDUSD Outlook | Written by ActionForex.com | Mar 09 11 07:54 GMT
Daily Pivots: (S1) 1.0056; (P) 1.0095; (R1) 1.0136; More
No change in AUD/USD's outlook. While upside momentum is clearly seen diminishing with bearish divergence condition in daily MACD, AUD/USD is still drawing strong support from 55 days EMA. Recent up trend is still in favor to continue further. Break of 1.0200 again will target another high above 1.0254. On the downside, break of 0.9943 support is needed to be the first signal of topping. Otherwise, we won't turn bearish yet.
In the bigger picture, note that bearish divergence condition remains in daily and weekly MACD. Reversal should be imminent even if 1.0254 is not yet the major top. We'll continue to look for topping signal in case of another rise. On the downside break of 0.9803 support will now be an early signal of medium term reversal and will turn focus to 0.9536 support for confirmation.
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