AUDUSD found support at .9330 last week and rebounded strongly after
testing a 4-month rising trendline (blue line, daily chart) and the 50 day
moving average (aqua line). The daily MACD is about to cross above the signal
line, suggesting scope for further upside.
Clearing .9457 would confirm a base over .9322/.9330 zone
and trigger further strength towards .9506 peak. Above there would extend the
6-month uptrend towards .9545/.9600.
However, if the pair fails to break through .9506 zone which
is near 76.4% of the entire .9758/.8658 fall (as shown on the weekly chart),
that would suggest further consolidation. A push below .9380 (Jul 23 low,
240min chart) would signal further ranging and test .9330 area. A clean
breakdown there would confirm a multi-week top and accelerate weakness
towards .9208/.9202 near the 200 day moving average (black line, daily chart).
Trading bias:
Buy zone around .9410/.9420
Stop below .9380
Target near .9506/.9545
AUDUSD weekly chart
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