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FxWirePro: AUD/USD Daily Outlook

Chart - Courtesy Trading View 

Technical Analysis: Bias Bearish

GMMA Indicator

- Major trend is neutral, while minor trend is bullish

Ichimoku Analysis

- Price action is below the daily cloud

- Chikou span is biased higher, suggests further gains

Oscillators

- Stochs and RSI show momentum is strongly bullish

- Stochs are in overbought zone, scope for bearish rollback

Bollinger Bands

- Widely spread Bollinger bands suggest high and rising volatility

Major Support Levels: 0.7189 (converged 200H MA and 21-EMA), 0.7175 (200-DMA), 0.7153 (20-DMA)

Major Resistance Levels: 0.7237 (55-EMA), 0.7280 (Upper Bollinger band), 0.7306 (110-EMA)

Summary: AUD/USD trades with a bullish bias. Watch out for decisive break above 55-EMA for further upside. Bullish invalidation likely on retrace below 200-week MA. 
 

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