Long AUD/USD dips, target 20-DMA at 0.7563
Updated
AUD/USD closed the bearish gap open and has bounced higher.
Aussie bid on Australian Treasurer Morrison's comments, 100-DMA offers strong support on the downside.
Morrison announced a new MoU between the govt and RBA, which states that now is not the time for major changes to RBA accord.
The major has taken out 23.6% Fib (0.7760 to 0.7442 fall) at 0.7517 and is on track to test 20-DMA at 0.7563.
Technical indicators on daily charts have turned slightly bullish. RSI is biased higher while Stochs has shown a rollover from oversold region.
Major support levels - 0.75, 0.7477 (100-DMA), 0.7455 (trendline), 0.74 (200-DMA)
Major resistance levels - 0.7539 (session high), 0.7556 (10-DMA), 0.7563 (38.2% Fib & 20-DMA)
Good to go long on dips around 0.75/0.7510, SL: 0.7450, TP: 0.7563/ 0.76
Aussie bid on Australian Treasurer Morrison's comments, 100-DMA offers strong support on the downside.
Morrison announced a new MoU between the govt and RBA, which states that now is not the time for major changes to RBA accord.
The major has taken out 23.6% Fib (0.7760 to 0.7442 fall) at 0.7517 and is on track to test 20-DMA at 0.7563.
Technical indicators on daily charts have turned slightly bullish. RSI is biased higher while Stochs has shown a rollover from oversold region.
Major support levels - 0.75, 0.7477 (100-DMA), 0.7455 (trendline), 0.74 (200-DMA)
Major resistance levels - 0.7539 (session high), 0.7556 (10-DMA), 0.7563 (38.2% Fib & 20-DMA)
Good to go long on dips around 0.75/0.7510, SL: 0.7450, TP: 0.7563/ 0.76
Note
Targets hit. Focus on Fed policy meet for further direction.
Close above 20-DMA to see 0.7680/ 0.7720
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