AUDUSD Analysis: Bounces off SMAs
|AUDUSD
Upside risk has prevailed in the market since yesterday thus sending the Australian Dollar to advance by 91-pips or 1.24% against the US Dollar. The exchange rate managed to surpass the 55– and 100– hour SMAs along the way, by was hindered by a nearby resistance cluster formed by the monthly pivot point and the 200-hour simple moving average near 0.7452.
It seems that this strong bullish momentum has exhausted the strength of bears. This could introduce the bearish sentiment within this session. This scenario is supported by technical indicators which flashes a strong bearish signal.
The currency pair is likely going to make a corrective move south today.
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