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AUDUSD forms bullish engulfing at 0.7875 on 4H chart and at 0.7801 levels in consolidation phase (refer monthly plotting).
As a result, the current rallies are shrugging off bearish patterns occurred in the recent past.
Shooting star & hanging man patterns occurred at 0.7834, 0.7841 and at the stiff resistance levels of 0.7880 (refer circled areas on 4H chart). Bulls shrug-off these bearish patterns, the current prices well above 7DMAs, but previous rallies seem to be little edgy at a stiff resistance of 0.7880 levels (refer daily chart).
More rallies seem to be likely only upon breach of these resistance levels.
On a broader perspective, the pair has been going through consolidation phase after a massive downtrend. While shooting star evidences considerable slumps from last September, the bullish engulfing pattern has occurred at 0.7801 levels to counter dips, bulls manage to break-out channel & range resistance again, the major trend goes non-directional (refer monthly plotting).
Although both leading oscillators (RSI & Stochastic) have constantly been showing upward convergence, momentum seems to be little puzzling on monthly terms.
While both lagging indicators (7 & 21 DMAs, EMAs & MACD on both timeframes) signal extension of bull swings.
Trade tips: Well, on trading perspective, at spot reference: 0.7878, it is advisable to buy one touch binary calls, the strategy is likely to fetch leveraged yields as long as underlying spot FX spiking before the binary expiry duration.
Alternatively, on a delivery basis, we advocate shorting strangles of mid-month tenors using 2% OTM call and 1% OTM put as the underlying spot FX has been stuck in the range (refer monthly chart).
Writers in options contract are expected to maintain margins in order to open and maintain a short position.
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