AUDUSD – break of key barriers at 0.7461/67 needed to extend recovery

Slobodan Drvenica Windsor Brokers

AUDUSD

The Aussie extended recovery from 0.7329 double-bottom where weekly cloud base contained broader bearish action.

The pair tested daily Tenkan-sen barrier at 0.7435 after strong bullish acceleration on Monday took out pivotal barriers at 0.7406/13 (falling 10SMA / Fibo 38.2% of 0.7554/0.7372 downleg).

Recovery needs to extend above daily Tenkan-sen and also break above next pivots at 0.7461/67 (falling 20SMA / Fibo 38.2% of 0.7554/0.7372 downleg / daily Kijun-sen) to generate stronger bullish signal and sideline risk of limited correction and fresh downside, as overall structure is bearish.

Close above those barriers would signal stronger recovery towards 0.7500+ zone.

Otherwise, risk of lower top and fresh bear-leg would remain in play while recovery stays limited under 0.7461/67 pivots.

Res: 0.7440; 0.7467; 0.7500; 0.7554
Sup: 0.7406; 0.7383; 0.7364; 0.7329

Interested in AUDUSD technicals? Check out the key levels

1. R3 0.7408
2. R2 0.7402
3. R1 0.7397
PP 0.7391
1. S1 0.7386
2. S2 0.7380
3. S3 0.7376

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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