AUD/USD slips near 15-month high; strongly bullish in medium term [Video]

AUDUSD is edging slightly lower after reaching a 15-month high of 0.7185 but is still holding a strong upside tendency since March 19. The stochastic oscillator is pointing down, ready to post a bearish cross within its %K and %D lines in the overbought zone, suggesting some losses in the short-term. However, the MACD oscillator is strengthening its upside structure above its trigger and zero lines.

In case the pair extends the pullback, immediate support could come from the 0.7030 – 0.7067 area, which encapsulates the 20-day simple moving average (SMA). Marginally below this line, the 40-day SMA at 0.6970 could be in focus ahead of the 0.6800 psychological mark. A break below the latter may pause near the 200-day SMA, which overlaps with the lower surface of the Ichimoku cloud and the 0.6685 barrier.

Alternatively, a successful climb above the 15-month peak (0.7185) could open the way to the 0.7295 resistance, taken from the high on February 2019. Beyond that, the 0.7395 hurdle, identified by the peak on December 2018, may next attract attention.

All in all, AUDUSD sustains a bullish mode in the bigger picture. A break below the 200-day SMA may shift the outlook to neutral. 


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