Whilst AUDUSD has been steadily since about April of 2013... we are currently in what could be either a corrective move or a trend reversal. It is too early to tell for sure, but regardless of which AUDUSD has more upside potential, at least on a short-term basis. After breaking and closing above previous daily resistance @ .73800 we can expect to see some upside potential to least the .76000 level where we have a strong support shelf. This support shelf will likely turn to resistance if price approaches the level. There is some potential to get long on this pair in my opinion in an attempt to right this momentum... if price pulls back to re-test the .73800 level, that should now become support, it could present a very nice buying opportunity. With a stop just below the current daily candle around .73250 and a potential target of the .76000 level this trade presents an exceptional risk-reward ratio with very strong momentum in your favor. We will monitor price action and see if we get an entry! Good luck!
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