FxWirePro: AUD/USD major trend breaks long lasting range, minor trend drifts in sideways but slightly bearish bias – Bid boundary binaries

This month the rallies have hit multi-months highs. The minor trend goes non-directional, bearish RSI divergence & MACD signals weakness, swings likely to remain in range.

Today, after the test of strong support at 0.79 levels, should the rallies extend from the current levels, the chances of hitting 0.80 marks is most likely (just 60 pips away from current levels).

On broader perspectives, bulls managed to break out range resistance that has been long lasting (refer monthly chart).

This consolidation phase was consistently restrained at 0.7780 and 0.7828 levels. But for now, upswings have surpassed these levels and the current price on this timeframe is hovering above 21EMAs.

Both momentum indicators (on both time frames) have been converging to the ongoing uptrend to signal the strength, RSI at 67 levels on monthly but diverging at 58 levels on 4H charts, while stochastic curves have been evidencing %k crossover to indicate intensified buying momentum.

The prevailing upswings are favored by MACD oscillator on monthly terms and downswings in short term that signal respective trend patterns to prolong further.

Trade tips: Contemplating this technical reasoning, on trading perspective, it is advisable to buy boundary binaries on dips upper strikes at 0.7916 and lower strikes at 0.7970 levels, the strategy is likely to fetch leveraged yields as long as underlying spot FX remains within these strikes on or before the binary expiry duration.

Currency Strength Index: FxWirePro's hourly AUD spot index is popping up at -54 levels (which is bearish), while hourly USD spot index was at shy above -124 (which is extremely bearish) at 06:21 GMT. For more details on the index, please refer below weblink:

http://www.fxwirepro.com/currencyindex.

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