AUDUSD – Recovery remains limited despite Thursday’s close above 100SMA

Slobodan Drvenica Windsor Brokers

AUDUSD

The Aussie remains constructive on Friday and extends recovery rally from 0.7490 low, following Thursday's close above initial barrier at 0.7521 (100SMA) that generated bullish signal. However, bulls were so far capped by daily Tenkan-sen line (0.7540) which was cracked on yesterday's spike to 0.7545, but without sustained break. Bullishly aligned hourly studies are supportive but mixed setup of 4-hr indicators and overall bearish structure on daily chart suggest limited recovery before fresh push lower. Extended upticks should remain capped under 200SMA (0.7548) to keep bears intact. Otherwise, further retracement of 0.7608/0.7489 downleg could be expected. Sustained break above 200SMA would open 0.7565 (Fibo 61.8%, reinforced by falling 20SMA) and confirm reversal on break higher.

Res: 0.7540; 0.7550; 0.7565; 0.7580

Sup: 0.7521; 0.7513; 0.7490; 0.7471

Interested in AUD/USD technicals? Check out the key levels

1. R3 0.7609
2. R2 0.7579
3. R1 0.7553
PP 0.7523
1. S1 0.7496
2. S2 0.7466
3. S3 0.7440

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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