Technical analytics

AUDUSD market technical outlook

AUDUSD

Daily chart:

We can assume a readiness of buyers to attack the psychological resistance 0.7400 at the upper Bollinger band amid trending pressure of ADX. If such an attack really proves successful, the pair will grow by at least another 100 points.

H4-chart:

Local trading range so far is limited by the horizontal channel 0.7335-0.7401 (Bollinger bands).

H1-chart:

We note a trading zone within the upper Bollinger bands (0.7365-0.7386). It’s here the bulls supposedly will accumulate potential for a spurt above 0.7401. Chances are this will happen not today.

 

Conclusions:

Main scenario: Flat in the 0.7365-0.7401 range.

Alternative scenario: Break above 0.7401 and further growth to 0.7500.

Trading recommendations:

Longs from 0.7365 to 0.7401 and 0.7500 (in medium term).

 

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