Chart - Courtesy Trading View
Technical Outlook: Bias turning Bullish
- AUD/USD was trading 0.92% higher on the day at 0.7439 at around 10:00 GMT
- The pair is extending bounce off 50-DMA support, weakness only on break below
- Price action has broken above 5-DMA which was capping upside
- RSI has edged above the 50 mark and is biased higher, Stochs are at oversold levels with scope for bullish rollover
- 'Golden Cross' (bullish 50-DMA crossover on 200-DMA) cushions downside
Major Support Levels:
S1: 0.7393 (5-DMA)
S2: 0.7347 (50-DMA)
Major Resistance Levels:
R1: 0.7467 (20-DMA)
R2: 0.75
Summary: AUD/USD bias is turning bullish. Weakness only on break below 50-DMA. Scope for test of 0.75 level.
