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After testing supports at 0.9983 levels, you could see the price bounces above SMAs on intraday charts.
Although the upswings could not sustain above resistance, all chances of breach above major resistance. Bullish crossover on moving average (7SMA crosses over 21SMA) signals current upswings likely to extend.
But for now, AUD’s strength is tested again at 1.0053 levels like yesterday. The decisive break out above these levels and its sustenance would drag the upswings little further.
RSI indecisive but slightly bullish bias on 4H chart. Slow stochastic curves have been indecisive.
While on the flip side, CAD’s strength is dependent on crude’s prices in the future.
On broader perspectives, bulls rejected at resistances of 1.0134 levels, upswings likely to extend in non-directional trend (Bullish crossover on EMAs).
Currently, RSI signifies the strength in the bull trend, while Stochastic indicates intensified buying momentum.
MACD’s bullish crossover signals bullish sentiment to prolong further.
Option Trading Tips:
So, one has to be cautious at this juncture as we’re just 15 pips away from 1.0053 levels (i.e. major resistance) as the earlier decisive rejection at this juncture should also not to be disregarded.
Well, on speculative grounds, we recommend buying the boundary binary options by using cash-or-nothing options with upper strikes – 1.0063; lower strikes around 1.0026 levels.
The trading between these strikes likely to derive certain yields in this puzzling trend and more importantly these yields are exponential from spot FX.
For cash or nothing, these options would be exercised as long as the forward prices to remain between both strikes (i.e. 1.0063 > Fwd price > 1.0026).
