AUDUSD – bulls extend into fifth straight day and look for attack at daily cloud base
|The Aussie dollar holds in green for the fifth consecutive day and fresh extension on Friday cracks 200SMA barrier at 0.7691.
Daily studies are turning into full bullish setup and support further advance, as US dollar’s sentiment remains weak after Fed’s disappointment.
Converged 10/20SMA’s and daily Tenkan-sen / Kijun-sen are attempting to form bullish crosses and further underpin bulls.
Break above 200SMA will open way for attack at key barriers at 0.7719/29 (base of thick falling daily cloud / 02 Nov high), break of which would generate another strong bullish signal.
Full retracement of 0.7729/0.7499 downleg would signal further correction of larger downtrend from 0.8102 (20 Sep high) as 0.7729 barrier is also Fibo 38.2% of 0.8102/0.7499 descend.
Broken 30SMA (0.7603) is expected to keep the downside protected.
Res: 0.7694; 0.7719; 0.7729; 0.7800
Sup: 0.7654; 0.7626; 0.7603; 0.7584
Interested in AUDUSD technicals? Check out the key levels
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