AUDUSD – limited recovery despite bullish signal

Slobodan Drvenica Windsor Brokers

AUDUSD

The Aussie dollar ticked higher today following positive close on Tuesday which formed bullish outside day but so far without stronger attempts higher.
Extended daily tech signal recovery, with upside attempts being so far capped under falling 10SMA (0.7601).
Break here is needed to signal further recovery which could extend towards descending 20SMA (0.7637).
Otherwise, expect immediate focus to remain at the downside, with sustained break below weekly 100SMA (0.7544) needed to generate signal of bearish continuation.

Res: 0.7601; 0.7612; 0.7637; 0.7665
Sup: 0.7544; 0.7530; 0.7516; 0.7475

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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