AUDUSD – uptrend remains intact for potential retest of key 0.7776 barrier

Slobodan Drvenica Windsor Brokers

AUDUSD

The pair posted new marginally higher high at 0.7739 and closed above 0.7700 barrier yesterday, signaling that uptrend from 0.7160 (ate Dec base) is still intact.

Near-term consolidation is so far entrenched between 0.7700 and 0.7739, with scope existing for final push towards kay barrier at 0.7776 (08 Nov high).

Ascending 10SMA that tracks the uptrend since early Jan, offers solid support at 0.7684 which should contain extended dips and keep intact 0.7655 pivot (rising 20SMA).

Only firm break below the latter would sideline immediate upside attempts and risk return to 0.7600 higher base and former consolidation floor.

The pair is on track for bullish weekly close after past two weeks’ action was shaped in long-legged Dojis and this would be seen as initial signal of bullish continuation.

Res: 0.7739; 0.7755; 0.7776; 0.7800
Sup: 0.7696; 0.7684; 0.7655; 0.7618

Interested in AUDUSD technicals? Check out the key levels

1. R3 0.7743
2. R2 0.7718
3. R1 0.7700
PP 0.7675
1. S1 0.7656
2. S2 0.7631
3. S3 0.7613

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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