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FxWirePro: AUD/USD Daily Outlook

Friday, August 7, 2020 5:14 AM UTC

AUD/USD chart - Trading View

Technical Analysis: Bias Bullish

GMMA Indicator

- Minor and major trend are strongly bullish

- Price action is above major moving averages

Ichimoku Analysis

- The pair trades above cloud on the daily and weekly charts

- Chikou span shows some weakness on the daily charts

Oscillators

- Oscillators are at overbought levels

- Bearish divergence on the oscillators on the daily charts raises scope for some downside

Bollinger Bands

- Bollinger bands are wide on the daily and weekly charts

- Volatility to remain high

Major Support: 0.7107 (21-EMA)

Major Resistance: 0.7257 (200W MA)

Summary: Major trend in the pair is bullish. Overbought oscillator and bearish divergence can cause minor pullbacks. Focus on key U.S. NFP data for further impetus. Decisive break above 200W MA will fuel further gains.

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FxWirePro: AUD/USD Daily Outlook

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