AUD/USD is surging above the medium-term descending trend line, adding some optimism for a short-term bullish bias. The simple moving averages (SMAs) are also confirming this move as they are pointing upwards, and the technical indicators are holding in a positive territory. The RSI is sloping north above the 50 level, while the MACD is increasing its momentum above its trigger and zero lines.
If buying interest intensifies, resistance may originate from the 0.7070 peak ahead of the 200-day SMA at 0.7170. Overcoming this strong line, the price may make a jump for the 0.7280-0.7340 restrictive region.
In case of negative pressures, initial tough support could develop from the immediate 0.6965 level before meeting the 20-day SMA, which overlaps with the 0.6855 barrier. Diving beneath this too the 26-month low of 0.6680 obstacle may also attempt to halt further losses.
In brief, the very short-term bias is bullish after the rebound off 0.6680 but the broader outlook may change if there is rise beyond the 200-day SMA.
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