AUD/USD advanced following the upbeat Chinese GDP data. Australia's exports to China enjoy the fresh stimulus. How far can it go?
The Technical Confluences Indicator shows that AUD/USD faces weak resistance at 0.7216 which is the convergence of the Bollinger Band 15min-Upper, the Pivot Point one-week Resistance 1, and the PP 1d-R2.
Further above, more significant resistance awaits at 0.7257 which is the confluence of two pivot points: the one-month R2, and the one-week R2.
Looking down, some support awaits at 0.7182 where the Simple Moving Average 200-1h, the previous day's high, and the BB 1d-Upper all converge.
The most significant support cluster is at 0.7167 where we see the Fibonacci 38.2% one-day, the BB 1h-Middle, the Fibonacci 23.6% one-week, the SMA 200-15m, the SMA 50-1h, and the Fibonacci 23.6% one-week.
Here is how it looks on the tool:
The Confluence Detector finds exciting opportunities using Technical Confluences. The TC is a tool to locate and point out those price levels where there is a congestion of indicators, moving averages, Fibonacci levels, Pivot Points, etc. Knowing where these congestion points are located is very useful for the trader, and can be used as a basis for different strategies.
This tool assigns a certain amount of “weight” to each indicator, and this “weight” can influence adjacents price levels. These weightings mean that one price level without any indicator or moving average but under the influence of two “strongly weighted” levels accumulate more resistance than their neighbors. In these cases, the tool signals resistance in apparently empty areas.
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.