Technical Analysis

AUD/USD Technical Evaluation: Eyeing zero.73 After Swing Excessive Break

AUD/USD Technical Technique: NEUTRAL

Aussie Greenback breaks previous former swing excessive, units sighs above zero.73

Lengthy-term positioning suggests general development bias stays bearish

Absence of an actionable commerce sign argues for a affected person posture

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The Australian Greenback pushed previous resistance marked by the January 11 swing excessive at zero.7235 within the wake of an FOMC coverage announcement judged as dovish by monetary markets. A uneven congestion space now looms forward, with the following clearly identifiable resistance level marked by the December three excessive at zero.7393.

A beak above this barrier on a each day closing foundation opens the door for a retest of former assist within the zero.7452-61 space. Alternatively, a flip downward that takes worth again beneath zero.7235 appears probably put the zero.7142-70 zone again into focus as the following draw back barrier.

Chart of AUD/USD (Daily)

Turning to longer-term positioning, the month-to-month chart nonetheless appears to argue for a broadly bearish bias. The pair broke 17-year rising development assist in October and subsequent worth motion speaks to digestion moderately than imminent restoration.

Chart of AUD/USD (Monthly)

With that in thoughts, chasing the near-term rally upward appears uncomfortably counter-trend. However, the absence of a clear-cut bearish reversal sign means fading latest positive aspects seems untimely. That requires persistence, with a perch on the sidelines most likely most interesting till a possibility presents itself.

AUD/USD TRADING RESOURCES

— Written by Ilya Spivak, Foreign money Strategist for DailyFX.com

To contact Ilya, use the feedback part beneath or @IlyaSpivak on Twitter


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