AUDUSD Technical Analysis by ForexAndForex:
AUDUSD Long Looking To Re-enter
Currently, the AUDUSD pair trades +0.52% higher at fresh session highs of 0.7531, having found renewed bids near 0.7508 region. The Aussie keeps its overnight upbeat momentum intact and surpasses post-FOMC highs this session, in response to a solid performance seen across the commodities’ space, especially the copper prices. My bias is currently long on the AUDUSD due to close and bounce on short term daily uptrend line and well as break on long-term downtrend line (yet to close above on daily) Will look to re-enter long at break and retest of @.75305 level with a very tight 5 – 10pip stop (AUDUSD Technical Analysis).
AUDUSD Long Price Breakout
The pair finds the immediate resistance at 0.7550 (psychological levels) above which gains could be extended to the next hurdle located at 0.7600 (round figure). On the flip side, the immediate support located at 0.7500/0.7492 (10 & 5-DMA). Selling pressure is likely to intensify below the last, dragging the Aussie to 0.7470/64 (100 & 50-DMA). We wish that our precise signals could be favourable on your trades. Its an update for AUDUSD, Forecast for PRICE BREAKOUT, BUY on 0.75299 and place your TARGET at 0.75499 (AUDUSD Technical Analysis).
AUDUSD Potential Trendline
AUDUSD backed off from Asian session highs as AU-US 10-yr yield spread and 2-yr yield narrowed in favor of the US dollar. A break above the daily high of 0.7430 would open doors for 0.7571 (61.8% of 0.7835-0.7145). A violation there could yield 0.76 levels. On the other hand, a break below 0.75 would expose daily low of 0.7486, under which support at 0.7450 (38.2% of 0.6827-0.7835) could be put to test. Entered long on potential trendline bounce Entry @.75102 Initial Stop @.74944 (trailing at 10 pips) Flexible Target @ .75503 (will adjust based on the speed of move) Trading a demo account and as always feedback or comments welcomed.
AUDUSD Technical Analysis Short
The AUDUSD pair regained fresh bids and jumped to fresh session highs beyond 0.75 handles, hitting the highest levels since the release of FOMC statement late-Wednesday. Moreover, broad-based US dollar weakness coupled with strong gains seen in its OZ counterpart, add to the positive sentiment around the AUDUSD pair. Markets now look forwards to the US dataflow lined up for release today and tomorrow for fresh impetus on the major. While all eyes remain on the next week’s RBA policy decision, with odds of an Aug rate cut decreased after upbeat Aus CPI figures.
The Federal Reserve released its July policy statement following its two-day meeting, with a slightly more optimistic view. The changes in the policy statement noted an improving labor market accompanied by more sustained growth. The U.S. dollar strengthened immediately on the policy statement, with USDCAD spiking higher, while EURUSD and AUDUSD dropped to session lows.