AUDUSD buyers can ignore Monday’s bearish spinning top
With the US House backing President Donald Trump’s demand for a $2,000 paycheck, AUDUSD remains positive amid a risk-on mood. The pair failed to justify Trump's signing of the coronavirus (COVID-19) aid package the previous day amid fears that the Senate will turn down his push during the last days in the White House. While Monday’s downbeat performance printed a bearish spinning top on the daily chart, the pair’s ability to stay beyond an upward sloping trend line from November 23 and 21-day SMA confluence, around 0.7500, keeps the AUDUSD buyers hopeful. Also favoring the upside momentum could be the bullish MACD and an absence of the overbought RSI. That said, a short-term falling resistance guards immediate upside around 0.7620 while the monthly top near 0.7640 can probe the optimists afterward.
On the contrary, AUDUSD weakness past-0.7500 can trigger a gradual downpour targeting the early- November top near 0.7340. Though, the December 02 high near 0.7450 and the 0.7400 round-figure can offer intermediate halts during the fall. In a case where the AUDUSD bears dominate past-0.7340, 0.7300 and 0.7220 may restrict the fall en-route November bottom close to 0.6990.
On the contrary, AUDUSD weakness past-0.7500 can trigger a gradual downpour targeting the early- November top near 0.7340. Though, the December 02 high near 0.7450 and the 0.7400 round-figure can offer intermediate halts during the fall. In a case where the AUDUSD bears dominate past-0.7340, 0.7300 and 0.7220 may restrict the fall en-route November bottom close to 0.6990.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.