AUD/USD is trading 0.42 percent higher to 0.7326 and appears to be going towards the major resistance at 0.74000. The pair’s immediate support level is at 0.7300 other support levels are at 0.7285 and 0.7255 levels. The intraday resistance is at 0.7347 another resistance is at 0.7374 area.

The SMA-21 is showing support at 0.7267 and the SMA-50 is indicating support area at 0.7176. The RSI is at 59 and may enter in a further bullish zone. The Mid-Bollinger band is at 0.7267 while the Upper-Bollinger band favors a move until 0.7390. The current price pattern is bearish and favors long entries in the pair. A reasonable buy entry would be at or near 0.7310 with a target of 0.7370. A tight stop-loss for this trade would be just below the 0.7285 support area.

An intraday closing above 0.7300 can once again set the field for the bulls to test the previous high at 0.7413. On the downside, only closing below 0.7230 can provide some space to the bears.


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By LCMS Traders FX Analysis Team

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