The AUD/USD stopped over night at the 0.6800/10 region which is also the high we previously saw in early Jan and then again in early Feb as you can see from the daily chart. Whilst we remain capped at 0.6800 we risk a 0.6630/0.6800 range, so any stops on longs should be left below 0.6630 which means you have to be patient for your entry level. I would have a look at adding to longs at 0.6660 with a stop below 0.6600. Once again. look to go with the break above 0.6820.
Back below 0.6600 places the focus back on the 0.6300 level, but i am of the belief that we are on our way to 0.7500 and a break above 0.6800/10 will open the way for the next major level of resistance at 0.7275. The only negatives are the daily technical studies looking a little overbought and starting to turn down but i do not believe this is anywhere near a good enough reason to even think about being short AUD/USD.
