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The current prices well above DMAs, bullish DMA crossover signals extension of rallies, don't expect sharp rallies before breaching above stiff resistance of 0.7626 levels.
A cautious near-term bottom formed at 0.7532 levels (recent lows on 20th Nov), with upside potential for 0.7625 (above stated stiff resistance) if risk sentiment remains elevated or the US dollar slips further.
Please observe at the same juncture, the price behavior has shown a demand zone in the recent history.
The US dollar and US interest rates fell overnight. Possible contributors were disappointing durable goods data and Yellen’s dovish commentary, with market liquidity thinned on the eve of Thanksgiving day.
On a broader perspective, the bulls managed to break-out channel & range resistance in the months ago, but shooting star has occurred at 0.7828 levels to counter this move (refer monthly chart). Consequently, the major downtrend has resumed that’s gone back in the same range again as evidencing slumps.
Near-term, momentum has gone in bulls’ favor but the same in the major trend is converging downwards that signals more slumps on cards in the months to come, both RSI and stochastic curves on monthly plotting indicate selling interests.
Well, overall one could bet on prevailing rallies but certainly not in long run, thus, we reckon that it is wise to bid boundary binary options to speculate this pair for leveraged yields using upper strikes at 0.7626 and 0.7598 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 flashing at 42 levels (which is bullish), while hourly USD spot index was at -86 (bearish) while articulating at 06:13 GMT. For more details on the index, please refer below weblink:
http://www.fxwirepro.com/currencyindex.
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