FxWirePro: AUD/USD range bound, traders reluctant to take major bets ahead of FOMC
AUD/USD trades a narrow 28 pip range during the Asian session, day's range till now 0.7216/7188. Price action holds above the daily cloud (currently spans 0.7144-7159). The cloud is seen containing downside, dips have bo…
AUD/USD trades a narrow 28 pip range during the Asian session, day's range till now 0.7216/7188.
Price action holds above the daily cloud (currently spans 0.7144-7159). The cloud is seen containing downside, dips have bounced off mutiple times since Dec 9th, a strong support zone.
We notice divergence between price action and RSI on a 4-hourly chart, which suggests some upside for the pair.
For now we find it good to buy dips around 0.7180, SL: 0.7144, TP: 0.7255.
Breaks below cloud base at 0.7144 could see test of trendline support at 0.7075, with minor support at 0.7171 and then 0.7159 (daily cloud base).
Resistance on the upside is seen at 0.72 (psychological level) ahead of 0.7218 (converged 4H 10 & 21 DMA)
