Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: AUD/USD struggles to break above daily cloud, good to go long above 0.79

  • AUD/USD has failed to close below 1W 200-SMA and we see scope for further upside if pair breaks out of daily cloud.
     
  • Currently price action is struggling to break past daily cloud top at 0.7878.
     
  • Technical indicators on daily charts are turning bullish. RSI and Stochs have turned north and we see +ve DMI dominance on 1H charts.
     
  • Above daily cloud we find next major resistance at 20-DMA at 0.7896. Break out at 20-DMA could see further gains.
     
  • On the flipside, we see weakness only on close below 1W 200-SMA currently at 0.7803.
     
  • Light Aussie calendar with mid-tier data ahead. Focus will be on UST yields and Fed talk for further impetus.

Support levels - 0.7846 (5-DMA), 0.78, 0.7778 (200-DMA)

Resistance levels - 0.7878 (cloud top), 0.7881 (1H 200-SMA), 0.7896 (20-DMA)

Recommendation: Watch out for breakout at 20-DMA to go long. Target 0.7988/ 0.8035/ 0.81.

FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest

 

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.