Long AUD/USD close above 5-DMA at 0.7185, target 0.73
Technical Analysis:
- AUD/USD has paused downtrend from 0.75 levels (Dec 14).
- The pair is extending sideways along major trendline support at 0.7160.
- Multiple rejections seen at trendline support (0.7160), weakness only on break below.
- RSI has shown a rollover from oversold levels.
- Price action moving away from lower bollinger band.
- Stochs are at oversold and rollover will add to bullish confirmation.
Fundamental Factors:
- Higher copper and iron-ore prices bolster bids for the commodity-currency.
- Broad-based dollar weakness adding support.
Important Levels:
- Support: 0.7186 (5-DMA), 0.7160 (major trendline), 0.7148 (May 30 low)
- Resistance: 0.7258 (Dec 22 high), 0.7305 (23.6% Fib), 0.7336 (20-DMA)
Recommendation: Good to go long on close above 5-DMA at 0.7186, SL: 0.7150, TP: 0.7250/ 0.73/ 0.7330
- AUD/USD has paused downtrend from 0.75 levels (Dec 14).
- The pair is extending sideways along major trendline support at 0.7160.
- Multiple rejections seen at trendline support (0.7160), weakness only on break below.
- RSI has shown a rollover from oversold levels.
- Price action moving away from lower bollinger band.
- Stochs are at oversold and rollover will add to bullish confirmation.
Fundamental Factors:
- Higher copper and iron-ore prices bolster bids for the commodity-currency.
- Broad-based dollar weakness adding support.
Important Levels:
- Support: 0.7186 (5-DMA), 0.7160 (major trendline), 0.7148 (May 30 low)
- Resistance: 0.7258 (Dec 22 high), 0.7305 (23.6% Fib), 0.7336 (20-DMA)
Recommendation: Good to go long on close above 5-DMA at 0.7186, SL: 0.7150, TP: 0.7250/ 0.73/ 0.7330
Comment:
AUD/USD breaks above 20-DMA to hit 0.7302.
Book partial profits.
23.6% Fib at 0.7305 is strong resistance.
Break above will see further upside.
Next bull target 0.74
Book partial profits.
23.6% Fib at 0.7305 is strong resistance.
Break above will see further upside.
Next bull target 0.74
TP1 almost hit. Bias higher. Stay long.