FXStreet (Barcelona) – Valeria Bednarik, Chief Analyst at FXStreet, sees additional gains possible for AUD/USD towards 0.7830 if the pair breaks above the key resistance at 0.7780.
Key Quotes
“The AUD/USD bounced sharply higher on the back of negative US data, resurging from a daily low of 0.7703. The pair presents a strong upward potential in the short term, as the 1 hour chart shows that the price extended above its 20 SMA whilst the technical indicators head north in positive territory.”
“In the 4 hours chart, the technical picture is also bullish, with the 200 EMA now offering a key dynamic resistance around 0.7780, which means a break above this level is required to confirm an upward extension up to the 0.7830 level.”
“Support levels: 0.7700 0.7660 0.7625”
“Resistance levels: 0.7780 0.7830 0.7880”
(Market News Provided by FXstreet)