AUDUSD is back above cloud but gains are still limited

Slobodan Drvenica Windsor Brokers

AUDUSD

The pair regained strength and is back above daily Ichimoku cloud top, reinforced by Kijun-sen line that offers good support and holds today’s action. Fresh bulls came in play after yesterday’s wide-range trading that ended in Doji candle with very long legs.
However, mixed daily studies show no clear direction for now, with lift above 0.7576 (Fibo 61.8% of 0.7673/0.7419 downleg, required to firm the structure and shift focus higher.
Conversely, loss of cloud top support would soften the tone again and risk further extension of pullback from 0.7673 peak.
RBA’s policy meeting next week is the key event for the pair, with prevailing expectations for rate cut which would further dent pair’s structure.

Res: 0.7547; 0.7576; 0.7589; 0.7613
Sup: 0.7515; 0.7484; 0.7441; 0.7419

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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