FxWirePro: AUD/USD holds stronger support despite gravestone doji and shooting star, upside potential capped at 0.7518 – Speculate via boundary binaries

A shooting star and gravestone doji patterns were traced in AUDUSD at 0.7497 levels respectively and bears slid below 7SMA ever since then after rejecting trendline resistance of 0.7504 levels, but showing strength at the supports of 0.7472, more dips likely as leading indicators confirm the selling momentum (see 2H charts).

On the flip side, despite these bearish pattern occurrences, bulls have managed to bounce back above 7SMA in last trading session.

But on weekly plotting, healthy bullish momentum is seen as the prices tested support at 0.7162, and the current prices spike above 21EMA.

But for the day, downswings favored by healthy bearish momentum both RSI and stochastic curves.

As the pair clouded between intraday bearish environment and short-medium term bullish traction we would like to place diplomatic trading strategies

Hence, below boundary binary options are advocated that is suitable at this juncture.

Trading tips:

For intraday trading perspective, it is advisable to buy boundary binaries on dips upper strikes at 0.75 and lower strikes at 0.7450 which would mean upward travel maximum upto 20-25 pips and 25-30 on southward targets within the binary expiry duration.