Forex Market Analysis and Trading Tips - 12th Feb 2016 - AUD/USDGreat spot to be in guys...
SUMMARY:
The secondary trend of AUD/USD is bullish on charts and price is trading below the trend line in its hourly chart. In hourly chart the price is sustaining above 50 day SMA and taking support of 200 day SMA indicating uptrend of the pair. It is having an important resistance at the level of 0.7152 and support at the level of 0.7065. If it breaks its resistance level on the upside and sustains above it then we can expect it to show further bullish movement in the pair.
INDICATORS:-
MACD is sustaining in its positive territory indicating the bullish trend in the pair.
RSI is sustaining in its buying zone indicating the upcoming bullish trend in the pair.
STRATEGY:
AUD/USD is looking bullish on charts for next few trading session. One can go for buy on lower level strategy for this pair for intra day to mid term positions in it.
As usual, let me know how you get on and if you have any questions!
All the best and happy trading!
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