AUD/USD Tests Next Target—Rally Continues

05/08/2015 9:00 am EST

Focus: FOREX

Greg Michalowski

Chief Currency Analyst, FXDD

Greg Michalowski, of ForexLive.com, charts this currency pair that reached its next major target area and highlights the next target area to watch moving forward. Greg also suggests that failure to get and stay below this key zone will keep the buyers in firm control.

The buyers remain in control

The AUD/USD has reached the next major target area near the 0.8030 level. The price corresponds with a number of lows and highs going back to January (see daily chart below). On a break, I would expect stops with the 0.80587 as the next target.

chart
Click to Enlarge

If the resistance holds, the trend line on the 5-minute chart needs to be broken. Below that the 38.2-50% are the next targets to get and stay below. Failure to do so keeps the buyers in firm control.

chart
Click to Enlarge

By Greg Michalowski of ForexLive.com

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