AUDUSD Stalls at 50 Day MA

AUDUSD continues north for fifth day in a row making at 2-month highs, adding 0.15% higher today at 0.6855 after Australia Home Loans came in at 5% in July from previous -0.9%.

AUDUSD stall at 0.6863 the 50 day moving average and as we mention in our previous technical analysis for AUDUSD needs to break above 0.6864 in order to attract more bids. The technical outlook is bullish for the short term and only a return inside the rectangular will cancel the recent bullish momentum. On the hourly chart the pair is trading above all major moving averages. On the downside first support stands at 0.6836 today’s low, then at 0.6799 the 100-hour moving average, more bids will emerge at 0.6738 the lower band of the consolidation area, which if breached will open the way for a visit down to 0.6688 the low from August 26th. On the upside immediate resistance stands at 0.6862 today’s high while more offers will emerge at 0.6909 the 100-day moving average.Don’t miss a beat! Follow us on Telegram and Twitter.

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