Morning Market Update – AUD/USD
The AUD/USD pair traded with a clear positivity to settle above EMA50 and SMA100, while the price is still stuck between the next trend confirmation levels. These levels are represented by the break of resistance which is moving higher above 0.7828 levels.
The pair rallied sharply today to surpass 0.7828 levels and made an attempt to settle above it. If the price succeeds in stabilizing above those levels, we will get positive signals. For now, we continue to stay bullish on the pair. The stochastic signals are currently at 73.0 levels and push the price to bounce lower again. Therefore, monitoring the pair currently at 0.7828 will offer clear signals for the next trend.
We can see that the AUD/USD pair is currently trading upwards and is indicating a bullish trend because the bulls are trying to push the pair back up above the broken resistance.
Anyhow, as mentioned earlier, we’re mainly bullish on the pair. With the underlying stochastic signals under control, a clear break past 0.7828 levels confirms that the bulls are in control. This supports the continuation of our bullish overview efficiently in the upcoming period. Breaching these levels will extend the bullish wave to reach 0.7905 as the next main area.
The intraday bias for the pair remains on the upside at this point. A firm break of 0.7828 resistances confirms the resumption of the pair’s rebound. In the bigger picture, current developments suggest that a rebound from the current levels is developing into a medium term rise. This confirms the trend reversal and we’ll continue to treat such rebounds as a corrective pattern.
The AUD/USD pair broke past the top of the resistance. Due to this, we can consider taking a long position. This chart formation is looking stronger in the upcoming session. Any upside break in the chart signals that the pair is in for a huge continuation from here. The candle has closed just above the high of the resistance and confirms that the bulls are gaining more energy. The expected trading range for today is between 0.7828 support and 0.7921 resistance levels. The expected trend for today is bullish.
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This article was originally posted on FX Empire