FxWirePro: AUD/USD fades early gains amid US dollar rebound
AUD/USD chart - Trading View
Technical Analysis: Bias Bullish
- Major trend is turning bullish, while minor trend is strongly bullish
- Price action is above daily cloud, but Chikou span is biased lower
- Stochs and RSI show bullish momentum
- Overbought conditions warrant some caution
- Bollinger bands are spread wide apart showing high volatility
Major Support Levels: 0.7459 (5-DMA), 0.7411 (110-EMA), 0.7369 (21-EMA)
Major Resistance Levels: 0.7562 (200-DMA), 0.76, 0.7662 (61.8% Fib)
Summary: AUD/USD trades with a strong bullish momentum. Price action has approached crucial resistance at 200-DMA at 0.7562. Decisive break above required for upside continuation.
Overbought oscillators warrant some caution. However, major trend is bullish and pullbacks are likely to be shallow. Bullish invalidation only below daily cloud.