Long if price still above 0.7040
AUD/USD prints three-day rebound from yearly bottom, rises one-week high at the latest. Clear break of 10-DMA, descending trend channel favor buyers. RSI, MACD conditions add to the bullish bias targeting 10-week-old horizontal resistance.
=> The AUD/USD bulls are set to battle the 0.7180 resistance. However, the quote’s further upside will need validation from bottoms marked during late August and September, close to 0.7220-30.
=> Bulls consider buying after these signals. Risk reduction can wait for AU to correct to better levels at 0.7090 and 0.7040, with targets around 0.7200 and 0.7320 region
=> The AUD/USD bulls are set to battle the 0.7180 resistance. However, the quote’s further upside will need validation from bottoms marked during late August and September, close to 0.7220-30.
=> Bulls consider buying after these signals. Risk reduction can wait for AU to correct to better levels at 0.7090 and 0.7040, with targets around 0.7200 and 0.7320 region
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