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Home » Daily Technical Reports » AUD/USD Today Technical Report 12/04/2016

AUD/USD Today Technical Report 12/04/2016

AUD/USD traded higher during the Asian morning Tuesday, after it hit support slightly above the 0.7570 (S1) support zone. At the time of writing, the rate is testing the 0.7645 (R1) zone, where a decisive break could carry more bullish extensions and perhaps target the next resistance zone of 0.7700 (R2). Our near-term momentum studies reveal upside speed and magnify the case for the pair to continue trading higher, at least in the short run. The RSI stands above its 50 line and looks to be headed towards its 70 line, while the MACD, already above its trigger line, has just turned positive. 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.

AUD 12

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