AUDUSD Outlook: Aussie is looking for close above 0.72 pivot to signal recovery extension

AUDUSD

The Aussie dollar remains steady on Friday and probes again above 0.72 pivotal barrier after spike to 0.7229 on Thursday.
Fresh positive sentiment was boosted by solid Chinese IP and retail sales data, with improving near-term outlook on stronger momentum studies and action being underpinned by rising and thickening hourly cloud.
Bulls need a confirmation on close above cracked 0.7198 barrier (Fibo 38.2% of 0.7381/0.7085 descend), which would open way for extension of recovery leg from 0.7085 low towards barriers at 0.7237 (falling 20SMA) and 0.7265 (falling 30SMA).
Reversal scenario is supported by long bullish candle on weekly chart, which is forming bullish engulfing pattern.

Res: 0.7237; 0.7265; 0.7311; 0.7327
Sup: 0.7176; 0.7167; 0.7143; 0.7085

AUDUSD

 

Interested in AUDUSD technicals? Check out the key levels

    1. R3 0.7295
    2. R2 0.7263
    3. R1 0.7229
  1. PP 0.7197
    1. S1 0.7163
    2. S2 0.7131
    3. S3 0.7097

 

The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.