AUD/USD outlook: Hits fresh five-month high

Slobodan Drvenica Windsor Brokers

AUD/USD

AUDUSD continues to trend higher and hit its highest point in five months, during European trading on Wednesday.

Lift above the upper boundary of a larger bull channel generated bullish signal which was reinforced by Tuesday’s close above pivotal Fibo barrier at 0.6818 (61.8% retracement of 0.7157/0.6270 descend).

Initial targets lay at 0.6895/0.6900 (July 13 / June 16 double-top), followed by 0.6948 (Fibo 76.4%) and 0.70 zone (psychological / 200DMA).

However, overbought daily studies warn that bulls may pause for consolidation, which should be contained by rising 10DMA (0.6752) to keep larger bullish structure intact.

Res: 0.6846; 0.6900; 0.6948; 0.7000.
Sup: 0.6818; 0.6798; 0.6751; 0.6713.

Interested in AUD/USD technicals? Check out the key levels

1. R3 0.687
2. R2 0.6848
3. R1 0.6836
PP 0.6815
1. S1 0.6803
2. S2 0.6782
3. S3 0.677

Author

Slobodan Drvenica

Windsor Brokers

Industry veteran with over 22 years’ experience, Slobodan Drvenica joined Windsor Brokers in 1995 when he was an active trader for more than 10 years, managing the trading desk and own account departments.

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