AUDUSD - Sharp reversal
AUDUSD (1H) - short term bullish bias
The Australian dollar jumped overnight and started to recoup losses from last week's sell-off. The RSI had reached the over-sold area which suggested an over-extension. As the indicator recovered into the neutral zone, a bullish engulfing candle broke above the moving averages and the bearish trend line. This is a strong case for a reversal. The 20-hour MA has crossed above the 30-hour in a textbook bullish fashion. We would expect the pair to consolidate around the MAs before moving up again.
Key support: 0.6840
Key resistance: 0.6900
The Australian dollar jumped overnight and started to recoup losses from last week's sell-off. The RSI had reached the over-sold area which suggested an over-extension. As the indicator recovered into the neutral zone, a bullish engulfing candle broke above the moving averages and the bearish trend line. This is a strong case for a reversal. The 20-hour MA has crossed above the 30-hour in a textbook bullish fashion. We would expect the pair to consolidate around the MAs before moving up again.
Key support: 0.6840
Key resistance: 0.6900
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.