AUD/USD: Move beyond 0.7150 confluence paves the way for further gains
The AUD/USD pair gained strong positive traction on the last day of the week and shot to over a three-week high, around mid-0.7100s during the early North American session.
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The daily chart for the AUD/USD pair shows that it held within Wednesday’s range. Technical indicators have lost their directional strength around their midlines, while the pair continues to develop above a flat 20 SMA. The longer moving averages maintain modest bearish slopes well above the current level. Overall, it seems bulls are losing conviction, as the 0.7100 level stands for the 61.8% retracement of the 0.7265/0.6828 slump.
The pair is also neutral in the 4-hour chart, hovering around its 20 SMA and between the 100 and 200 SMA, all of them flat. Technical indicators, in the meantime, head nowhere within neutral levels. The pair needs to clear the weekly high at 0.7125 to gather upward strength, while bears may take over on a break below 0.7045.
Support levels: 0.7045 0.7000 0.6960
Resistance levels: 0.7130 0.7175 0.7210
SPECIAL WEEKLY FORECAST
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