AUD/USD Analysis: Supported by SMAs
|Following a short period of the AUD/USD currency pair trading sideways, Bulls has managed to take over the movement. This surge is likely to continue until the pair reaches the upper boundary of a junior pattern.
By the middle of the European trading session on Tuesday, the exchange rate has breached a resistance cluster formed by the weekly and the monthly pivot points near the 0.7579 mark.
Furthermore, the combination of the 55-, 100-. 200– hour SMAs was providing support for the pair at the 0.7514 regions. However, on the larger time-frame, technical indicators flash a strong sell signal.
It is likely that bearish sentiment might dominate the pair within the next session.
Interested in AUDUSD technicals? Check out the key levels
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.