AUDUSD is targeting the 0.7400 level again after successfully piercing the descending trendline drawn from May’s peak of 0.7890 on Wednesday. 


The bullish bias is still in place according to the momentum indicators as the MACD continues to grow within the positive area and above its red signal line, and the RSI keeps sloping upwards comfortably above its 50 neutral level. Yet, a careful approach will still be needed since the RSI is flirting with a major resistance territory, while the fast-Stochastics are flattening around their 80 overbought mark for a week now, increasing the odds for a downside correction or some consolidation.

If the 0.7400 bar proves easy to clear, the next challenge could be September’s high of 0.7477. A decisive close higher may reach the key limitations around 0.7531, though a sustainable move above the 200-day simple moving average (SMA) currently at 0.7567 could be a bigger achievement.

Otherwise, a downside reversal may initially seek support near the broken descending trendline and Wednesday’s low of 0.7322. Failure to bounce off the trendline may trigger a steeper decline towards the 0.7230 handle, while not far below, the tentative ascending trendline may prevent a test at the swing low of 0.7169. If not, then the spotlight will shift straight to the nine-month low of 0.7105.

In brief, AUDUSD is in bullish mode, aiming to break into the 0.7400 zone, though some caution is required as buying pressures look somewhat fragile at the moment.


Forex trading and trading in other leveraged products involves a significant level of risk and is not suitable for all investors.

Feed news

Latest Forex Analysis

Latest Forex Analysis

Editors’ Picks

EUR/USD remains vulnerable near 1.1600 amid firmer dollar

EUR/USD is hovering around 1.1600, on the defensive amid a broadly stronger US dollar. Markets cheer US-Sino talks and stimulus progress despite looming inflation fears. The Fed-ECB monetary policy divergence weighs down on the euro. US Consumer Confidence data awaited.


GBP/USD hovers around 1.3750, Brexit talks in London eyed

GBP/USD is trading above 1.3750, struggling for a clear direction after Monday’s rebound. Market sentiment improves on stimulus hopes, US-Sino talks but the dollar remains firmer. UK’s Frost offers EU Dec deadline to solve the row over the NI proposal. All eyes on the Brexit talks.


XAU/USD flirts with $1,800 amid stronger USD, risk-on mood

Gold snaps a five-day uptrend, refreshes intraday low of late. Market sentiment dwindles amid pre-GDP caution, light calendar. US Treasury yields rebound, add strength to the greenback.

Gold News

Traders book profits from Shiba Inu to push Dogecoin to $0.34

Dogecoin price could see some incoming speculative money from profit-taking in Shiba Inu A bullish close above the Cloud on the daily chart indicates future upswing likely. The outperformance of Shiba Inu is likely as Dogecoin lags the majority of the market.

Read more

Conference Board Consumer Confidence October Preview: Watch what we do... Premium

Confidence expected to slip to 108.3 from 109.3 in September. Michigan Consumer Sentiment eroded slightly in October. Sentiment seems divorced from labor market and Retail Sales. Federal Reserve taper will not hinge on a happy US consumer.

Read more