FxWirePro: AUD/USD range bound, traders reluctant to take major bets ahead of FOMC
Wednesday, December 16, 2015 7:05 AM UTC
- AUD/USD trades a narrow 28 pip range during the Asian session, day's range till now 0.7216/7188.
- Price action holds above the daily cloud (currently spans 0.7144-7159). The cloud is seen containing downside, dips have bounced off mutiple times since Dec 9th, a strong support zone.
- We notice divergence between price action and RSI on a 4-hourly chart, which suggests some upside for the pair.
- For now we find it good to buy dips around 0.7180, SL: 0.7144, TP: 0.7255.
- Breaks below cloud base at 0.7144 could see test of trendline support at 0.7075, with minor support at 0.7171 and then 0.7159 (daily cloud base).
- Resistance on the upside is seen at 0.72 (psychological level) ahead of 0.7218 (converged 4H 10 & 21 DMA)
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