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AUD/USD Today Technical Report 07/04/2016

AUD/USD traded higher yesterday and today during the early European morning, it appears ready to challenge the 0.7645 (R1) resistance level. The rate is back above the upside support line taken from the low of the 16th of March, which reinforces the case for the pair to trade higher. A break above 0.7645 (R1) could open the way for the 0.7700 (R2) area. Looking at our short-term oscillators, I see that the RSI emerged above its 50 line, while the MACD, although negative, has bottomed and crossed above its trigger 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 0.7700 (R2) is the move that would confirm a forthcoming higher high on the daily chart.

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