Description
⋅ Risk-on trades persisting in the markets after the latest Brexit polls’ outcome swayed towards the Remain camp support AUD.
Rallying copper and oil prices together with broad-based US dollar sell-off also collaborated to the upside in the pair.
AUD/USD is extending upside after bullish gap-up open and is currently trading around 0.7449 levels.
Momentum studies are bullish, RSI biased north, strength in RSI at 57 levels.
Bollinger bands are widening and the pair has bounced of 20-DMA support on June 16th trade.
Upside finds major trendline resistance at 0.7450 levels, break above will see test of 0.75 and then 0.7560 levels.
On the downside, we see immediate support at 0.74 (10-DMA) ahead of 0.7393 (5-DMA). Break below could see test of 0.7360 levels.
Immediate focus now on Tuesday’s RBA minutes release along with RBA official Debelle’s speech for fresh impetus on the Aussie.
Good to go long on decisive breakout above 0.7450, SL: 0.74, TP: 0.75/0.7530/0.7560