FxWirePro: AUD/USD 3-white soldier pattern most likely should the rallies extend – Bullish engulfing breaks channel resistance but major trend remains in range

Ongoing rallies are on the verge of hitting 4-months highs.

After the test of strong support at 0.7572, should the rallies extend from the current levels, the formation of 3-white soldiers seems most likely and this bullish pattern with bullish DMA crossover indicates more rallies on cards (on the daily chart).

Well, on broader perspectives, bulls manage to break out channel resistance but the major downtrend still goes in range bounded trend (on monthly).

This consolidation phase is consistently restrained at 0.7761 and major supports at 0.7439. The current price on this timeframe is hovering above 21EMAs.

Both momentum indicators (on both time frames) have been converging to the ongoing uptrend to signal the strength, RSI at 58 levels on monthly and at 66 levels on dailies, while stochastic curves have been evidencing %k crossover to indicate intensified buying momentum.

The prevailing upswings are favored by MACD oscillator that signals bullish swings to prolong further.

Currency Strength Index: FxWirePro's hourly AUD spot index is popping up at 128 levels (which is highly bullish), while hourly USD spot index was at shy above -133 (which is extremely bearish) at 06:15 GMT. For more details on the index, please refer below weblink:

http://www.fxwirepro.com/currencyindex.

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