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AUD/USD trades in a tight 30 pip range on the day, with a high of 0.7004 and low of 0.6975.
- The pair has strong support at 0.6920/30 range, Doji was formed in Monday's trade and the pair held trendline support to edge higher.
- While on the upside immediate resistance is located at 0.7002 (5-DMA) and then at 0.7035 (Jan 11 highs).
- Daily Stochs are attempting rollover from oversold levels and RSI has bounced off after hitting 30 levels, currently at 35.
- Our trade call (http://www.econotimes.com/FxWirePro-AUD-USD-bounces-off-06927-lows-good-to-go-long-on-dips-140812) has reached near targets, profits booked at 0.7030 levels.
Recommendation: We find it good to go long on dips around 0.6975, SL: 0.69, TP: 0.7040/0.71
