AUD/USD outlook: Post-FOMC acceleration signals that uptrend could extend further

Slobodan Drvenica Windsor Brokers

AUD/USD

The Australian dollar holds in steep ascend for the second consecutive week and accelerated to five-week high on Thursday after FOMC minutes deflated the US dollar.

Bulls broke above 0.7405/14 (Fibo 76.4% of 0.7478/0.7170/falling 100DMA) and pressure pivotal barrier at 0.7450 (Fibo 38.2% of 0.8007/0.7106) the last obstacle on the way towards key resistance at 0.7478 (Sep 3 lower top).

Break here would complete a failure swing pattern on weekly chart and signal reversal of larger downtrend from 0.8007 (2021 high, posted on Feb 25).

Daily studies show strong bullish momentum which has a space to rise more and multiple bull-crosses of daily MA’s that support bullish outlook.

Dips are expected to stay above broken Fibo 61.8% barrier (0.7360) to provide better opportunities to re-join an uptrend.

Res: 0.7426; 0.7450; 0.7478; 0.7502.
Sup: 0.7400; 0.7372; 0.7360; 0.7324.

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

1. R3 0.746
2. R2 0.7422
3. R1 0.74
PP 0.7361
1. S1 0.7339
2. S2 0.7301
3. S3 0.7279

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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