AUDUSD - Update 6th April 2016

Overnight the minor level at 7540 was hit, this confirms as a said yesterday that there wasn't really any buyers at this level. We have been chomping around here for a few hours now but basically there isn't interest from real money to buy here.

Attention now turns to 7435, the first real level in my opinion that we could see real money lining up with buy orders. There has already been considerable trading action between 7480 and 7530 so I am not expecting a lot of resistance once price shifts below 7530 until get under 7480 where the ride might slow up a little.

How to play it:

At this stage I only see one way to play this as that's run a stop sell order below 7530 with a SL above 7560, for a run down the hill to 7435.