Summary of CS technicals on the Australian dollar.
- Medium-term moving averages are close to seeing a bullish cross higher
- short-term MACD momentum is very strong
- market is also threatening to break key resistance at 0.7138. A close above here would open up a move to our core objective at 0.7284/7306 next
- Near-term support 0.7061, below which would suggest a retest of the breakout point at 0.6904/6854
- However, only a stable close below the 200DMA at 0.6811 would speak in favour of a more neutral and choppy trading environment, with next support below seen at the 55DMA at 0.6798
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I’ve popped the specific indicators mentioned above onto a chart. You can easily see the MACD strength mentioned.
This
chart is from our charting app, which is free and can
be found at this link
This article was originally published by Forexlive.com. Read the original article here.