The AUD/USD pair’s rally is still in progress and edges higher to the 0.7651 level. Intraday bias remains on the upside direction at this point. A firm break of the pair at the 0.7651 resistance level will confirm resumption of whole rebound from the 0.7632 bottom level. In such case, the pair would target projection at the 0.7686 level next. On the downside, the pair trading below the 0.7651 minor supports will turn intraday bias neutral first. But, its near term outlook will stay cautiously bullish as long as the 0.7651 support level holds.
In the bigger picture, the current development suggests that rebound from the 0.7632 level is developing into a medium term rise. There is no confirmation of trend reversal and we will continue to treat such rebound as a corrective pattern. A further rise is expected even further to the 0.7686 level. Breaking of the pair at the 0.7651 resistance level is needed to confirm completion of the rebound. Otherwise, a further rise is now in favor.
The recent run on the Aussie dollarcontinued showing some consolidation. A huge accelerating bull run has seen the market burst through the key high at the 0.7651 level. This looks to be a huge breakout above the high of these levels should be in favor for Aussie. The market has been limited by the resistance band on numerous occasions in the past few candles but the dollar has driven a breakout. Chasing the Aussie higher would be a move filled with significant reward. The oscillator at the 18 level is rising than which has been in recent times. The pair’s momentum is incredibly stronger. The pair staying with the Bull Run may be profitable on thenear term basis. However, if profit taking hits, it could be a sharp reversal.
We keep watching for an exhaustion signals. It is also notable that the entirety of current session which took placeon the pivot bands. The bulls were looking tired before the sharp gains today, but the move look stretched. The pairclosing back inside the resistance level would now be a corrective signal.
The dailytimeframes would now be corrective signals. The pair closing at the level back inside the band would now be a profit taking signal. The pair’s four hourly charts support around the breakout at the 0.7651 level.
The AUD/USD pair opens today’s trading with a clear positivity to move away from the bullish trend line that appears on four hourly charts. As both the MA istrading below the price action, we shall support to protect the price from suffering more losses. While the pair’s stochastic begins to provide a positive overlapping signals on the four hourly time frames.
Therefore, these factors encourage us to continue suggesting the bullish trend on the intraday and short term basis. The pair’s main targets begin at the 0.7651 and extend to reach 0.7686 levels. This takes into consideration that the pair breaking at the 0.7651 level will begin the expected rise and will push the price to start bullish correction on the intraday basis.
The pair’s expected trading range for today is between the 0.7651 supports and 0.7686 resistances levels.
Expected trend for today: Bullish
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