AUDUSD 30.04.2013 Outlook

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audusd 30.04.2013 d1

The AUDUSD has been stuck in 1.0166 – 1.0565 box for 8 months. Whenever price hits 1.0565, it was heavily sold. The same can be said when price hit 1.0166 where price is being bought up. At writing price is again testing the middle resistance of 1.0369. I would be looking for signs which would point me to the direction the AUDUSD is going.

For those who eventually trade AUDUSD when the showcard comes out, do remember to take small profit. Use the hourly time frame as your first level target. Below is the hourly support and resistance levels.

audusd 30.04.2013 h1

Showcard candles would have to show at the current level for reversal and target at 1.0327 or if the price close strongly above 1.0369, the next resistance would be 1.0405.