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Home » Daily Technical Reports » AUD/USD Today Technical Report 29/03/2016

AUD/USD Today Technical Report 29/03/2016

AUD/USD traded somewhat higher on Monday, moved above the resistance (now turned into support) barrier of 0.7530 (S1) and hit the 0.7570 (R1) line. I believe that the pair is poised to continue trading higher and therefore, I would expect a clear move above 0.7570 (R1) to prompt extensions towards the 0.7635 (R2) obstacle. Our short-term momentum studies reveal positive speed and magnify the case for further near-term advances. The RSI rebounded from near its 50 line, while the MACD, although negative, stands above its trigger line and is now headed towards its zero line. As for the broader trend, on the 4th of March the pair emerged above the upper bound of the wide sideways range it’s been trading since mid-July. As a result, I would consider the medium-term outlook to be positive as well. However, a break above the 0.7675 (R3) is the move that would confirm a forthcoming higher high on the daily chart.

aud 29

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