AUD/USD bears active at resistance at 0.7590
AUD/USD hasn't been managed to break resistance at 0.7590 (see yellow circled areas), as a result we've been seeing losing streak from last two days, but for today holding firmly at 7440 levels.
The current prices have slid below 7DMA, same is the case on monthly, even though prices have jumped above but remained well below 21DMA, so long term investors cannot afford to expect a drastic recovery in short run.
At 0.7590 the pair approached upper Bollinger band to pull towards 21DMA, so in near terms 0.7421 and 0.7318 is likely targets.
On daily terms, Stochastic and RSI noise with strong overbought pressures as they are diverging to previous upswings.
We think since it doesn't manage to break above resistance (0.7590) decisively on a closing which would likely create more bearish potential in days to come.
The failure swings have collapsed to the support at 0.7421 several times in the recent past as well.
On speculative basis, one can use boundary binary puts with ITM stikes of 25 pips above and OTM strikes 25 pips for targets of 40-45 in between pips with ease.
While on delivery basis, if the pair does not manage to hold current levels, then 0.7412 in near terms is quite smart bet.
The current prices have slid below 7DMA, same is the case on monthly, even though prices have jumped above but remained well below 21DMA, so long term investors cannot afford to expect a drastic recovery in short run.
At 0.7590 the pair approached upper Bollinger band to pull towards 21DMA, so in near terms 0.7421 and 0.7318 is likely targets.
On daily terms, Stochastic and RSI noise with strong overbought pressures as they are diverging to previous upswings.
We think since it doesn't manage to break above resistance (0.7590) decisively on a closing which would likely create more bearish potential in days to come.
The failure swings have collapsed to the support at 0.7421 several times in the recent past as well.
On speculative basis, one can use boundary binary puts with ITM stikes of 25 pips above and OTM strikes 25 pips for targets of 40-45 in between pips with ease.
While on delivery basis, if the pair does not manage to hold current levels, then 0.7412 in near terms is quite smart bet.
