AUDUSD – Forms a 4-week flat range in a 3-month uptrend
AUDUSD@ 0.7668, daily neutral bias – Forms a 4-week flat range in a 3-month uptrend
AUDUSD rallied off January’s .6826 low (January 15, 2016) to reach .7736 (April 14, 2016 high, near 61.8% retracement of the .8162/.6826 fall) while forming a 4-week flatish range, consolidating the 3-month uptrend. Near term, .7491 and .7414 are support levels around the rising 50 day moving average (blue line). If the support holds, the current uptrend would remain intact. An upside break through the .7736 resistance would resume the rally towards .7847 (June 18, 2015 high, 76.4% of the .8162/.6826 fall). Above there would allow bulls to challenge the .8162 lower peak (May 14, 2015).
However, a drop below the .7414 support area would confirm a range top under .7736 in place, signaling the end of the 3-month rally and weakening towards .7240 (200 day moving average).
Outlook:
Intraday: neutral
Daily: neutral
Weekly: bullish
Monthly: neutral
AUDUSD rallied off January’s .6826 low (January 15, 2016) to reach .7736 (April 14, 2016 high, near 61.8% retracement of the .8162/.6826 fall) while forming a 4-week flatish range, consolidating the 3-month uptrend. Near term, .7491 and .7414 are support levels around the rising 50 day moving average (blue line). If the support holds, the current uptrend would remain intact. An upside break through the .7736 resistance would resume the rally towards .7847 (June 18, 2015 high, 76.4% of the .8162/.6826 fall). Above there would allow bulls to challenge the .8162 lower peak (May 14, 2015).
However, a drop below the .7414 support area would confirm a range top under .7736 in place, signaling the end of the 3-month rally and weakening towards .7240 (200 day moving average).
Outlook:
Intraday: neutral
Daily: neutral
Weekly: bullish
Monthly: neutral