AUDUSD – extended recovery eyes key 0.7635 barrier

Slobodan Drvenica Windsor Brokers

AUD/USD

The Aussie dollar is in strong rally for the third consecutive day and establishes above 0.7600 handle after recovery peaked at 0.7624 on Tuesday.
The pair is on track to fully retrace 0.7635/0.7535 pullback which was contained by top of thick daily cloud, where a higher base was left.
Slow stochastic in steep ascend on daily chart shows enough room at the upside for stretch towards key near-term barrier at 0.7635 (14 June high), break of which is needed to signal bullish continuation of broader uptrend from 0.7328 (09 May low).
Daily studies in firm bullish configuration continue to underpin advance. Broken Fibo 61.8% of 0.7635/0.7535 now acts as initial support at 0.7597, followed by 10SMA at 0.7581, which is expected to contain extended dips.

Res: 0.7624; 0.7635; 0.7662; 0.7679
Sup: 0.7597; 0.7581; 0.7553; 0.7535

Interested in AUDUSD technicals? Check out the key levels

1. R3 0.7586
2. R2 0.7580
3. R1 0.7574
PP 0.7568
1. S1 0.7563
2. S2 0.7557
3. S3 0.7551

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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