AUDUSD holds above trendline resistance;gains till 0.7380 likely
Bull signs in AUD/USD upped after the pair breaks and holds above trendline resistance and makes new trend high, 10-DMA exerts bull influence and RSIs are biased up with room to run
In the Asian session, AUD/USD was largely rangebound, trading at 0.7331 at the time of writing, down from 0.7386 high on Friday (a level not seen since August)
Strong support is seen on the downside at 0.7277 (converging 10 DMA and Tenkan-Sen). On the flipside, minor resistance is located at 0.7342 (Dec 2 highs) ahead of 0.7362 (Doudle top Dec 3 & Oct 15).
This week, the focus will be on Australia's job report, a slew of Chinese data and the Reserve Bank of New Zealand's (RBNZ) rate review for further direction in the pair
Recommendation: We would go long any dips to 0.73 levels, SL: 0.7260, TP1: 0.7380, TP2: 0.74
Resistance Levels:
R1: 0.7386 (Session high Dec 4, 38.2 % Fib of 0.8162-0.6907 fall)
R2: 0.7409 (Daily High Aug 13)
R3: 0.7440 (Highs Jul 22, Aug 11)
Support Levels:
S1: 0.7322 (Hourly low Dec 4)
S2: 0.7280 (Session low Dec 4)
S3: 0.7269 (10 DMA)
In the Asian session, AUD/USD was largely rangebound, trading at 0.7331 at the time of writing, down from 0.7386 high on Friday (a level not seen since August)
Strong support is seen on the downside at 0.7277 (converging 10 DMA and Tenkan-Sen). On the flipside, minor resistance is located at 0.7342 (Dec 2 highs) ahead of 0.7362 (Doudle top Dec 3 & Oct 15).
This week, the focus will be on Australia's job report, a slew of Chinese data and the Reserve Bank of New Zealand's (RBNZ) rate review for further direction in the pair
Recommendation: We would go long any dips to 0.73 levels, SL: 0.7260, TP1: 0.7380, TP2: 0.74
Resistance Levels:
R1: 0.7386 (Session high Dec 4, 38.2 % Fib of 0.8162-0.6907 fall)
R2: 0.7409 (Daily High Aug 13)
R3: 0.7440 (Highs Jul 22, Aug 11)
Support Levels:
S1: 0.7322 (Hourly low Dec 4)
S2: 0.7280 (Session low Dec 4)
S3: 0.7269 (10 DMA)