Chart - Courtesy Trading View
Spot Analysis:
AUD/USD has opened the week on a positive note. The major was trading 0.18% higher on the day at 0.7526 at around 05:35 GMT. Price action is in the green for the third straight week.
Technical Analysis:
GMMA Indicator - Major and minor trend are bullish
Ichimoku Analysis - Price action is above daily cloud and Chikou span is biased higher
Oscillators - Stochs and RSI are at overbought levels, but no signs of reversal seen
Bollinger Bands - Show volatility is high and rising
Major Moving Averages - Major moving averages are trending higher
Major Support Levels: 0.75 (Weekly cloud top), 0.7420 (5-week MA), 0.7413 (200H MA)
Major Resistance Levels: 0.7559 (Upper BB), 0.76, 0.7632 (110-month EMA)
Summary: AUD/USD is trading with a bullish bias. Price action has edged above the weekly cloud, raising scope for further gains. The pair is on track to test 110-month EMA at 0.7632.
