FxWirePro: AUD/USD struggles to extend previous session's gains, Aussie under pressure after FinMin signals economic hardships
FxWirePro: AUD/USD Daily Outlook
Chart - Courtesy Trading View
AUD/USD was trading 0.85% higher on the day at 0.7099 at around 05:45 GMT, after closing largely unchanged in the previous session.
Aussie buoyed amid improving risk sentiment, AUD/USD breaks above 21-EMA, outlook turns bullish.
Markets turn hopeful that loosening lockdowns in China can help global growth and exporters' currencies.
Technical indicators are turning bullish. Stochs and RSI are sharply higher. Chikou span is biased higher.
Price action has broken above 200H MA and GMMA indicator has turned bullish on the intraday charts.
Major Support Levels:
Major Resistance Levels:
R1: 0.7146 (68.2% Fib)
R2: 0.7185 (55-EMA)
Summary: AUD/USD breakout above 21-EMA has raised scope for further gains. Next bull target lies at 38.2% Fib at 0.7146.