Chart - Courtesy Trading View
AUD/USD was trading 0.15% higher on the day at 0.6801 at around 04:25 GMT. The pair picks up bids amid easing fears of hawkish Fed rate hikes. Further, China’s readiness for more stimulus which triggered optimism in the markets favor buyers in the pair.
Technical Analysis:
- AUD/USD extends break above 5-DMA, price action has edged above 200H MA
- Stochs show bullish rollover from oversold levels
- MACD is on verge of bullish crossover on signal line
- Bullish RSI divergence on the daily charts adds to the upside bias
Major Support Levels:
S1: 0.6782 (200H MA)
S2: 0.6770 (5-DMA)
Major Resistance Levels:
R1: 0.6849 (21-EMA)
R2: 0.6975 (55-EMA)
Summary: AUD/USD poised for more gains. Major trend remains bearish. That said, decisive break above 21-EMA could change near-term dynamics.
