FxWirePro: AUD/USD stay long for 0.7330, key support at 55-DMA
AUD/USD inched higher in the late US session to trade around 0.7200 levels as late rebound in oil prices supported Aussie bulls. Currently the pair is inching upwards to test resistance level at 0.9258. Further decline i…
AUD/USD inched higher in the late US session to trade around 0.7200 levels as late rebound in oil prices supported Aussie bulls.
Currently the pair is inching upwards to test resistance level at 0.9258.
Further decline is expected to be limited as the pair finds strong support at 0.7150 which should limit downside and initiate rebound back towards higher side.
Technically in the 4 hour chart the 55, 30 and 20 MA are pointing towards upside, whistle the RSI is in positive territory at 58.
To the upside, the strong resistance can be seen at 0.7237, a break above this level would take the pair towards next resistance level at 0.7291.
To the downside immediate support can be seen at 0.7191, a break below this level will open the door towards next level at 0.7145. Recommendation: Go long around 0.7170, targets 0.7250, 0.7330, SL 0.7100
