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FxWirePro: AUD/USD capped at 21-EMA, break above targets 55-EMA at 0.7228

AUD/USD chart on Trading View used for analysis 

  • AUD/USD capped at 21-EMA at 0.7151, scope for further upside on break above.
     
  • Technical incicators are turning slightly bullish on the daily charts.
     
  • Major trend remains bearish, with no major signs of reversal. 
     
  • That said, RSI and Stochs on daily charts are biased higher and MACD is showing a bullish crossover on signal line.
     
  • Upside is currently being capped at 21-EMA, break above targets 55-EMA at 0.7228.
     
  • On the flip side, 5-DMA is immediate support at 0.7112, break below will see resumption of weakness.

Support levels - 0.7112 (5-DMA), 0.7085 (Sept 11 low), 0.7040 (Oct 8 low)

Resistance levels - 0.7151 (21-EMA), 0.72, 0.7228 (55-EMA)

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex
 

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