- October 12, 2021
- Posted by: cabana-admin
- Category: Market Insights
GENERAL OVERVIEW: AUD/USD remains pressured towards 0.7400, extending its correction from monthly highs. The market momentum is quite bullish as buyers should hold their investment on the buy side. The market is preferring the bulls and taking it towards the north side. The pair is making the higher highs and we will suggest the buyers to buy from dips .We can say at the bulls are leading in the market and making the positive momentum in the market. The pair is currently trading in the market 0.7339, Moods are towrads the bullish side in the market. Previously before some days the market is making the golden crossover which gives strong part for the raising.
TECHNICAL FACTS : The pair is creating the upside momentum in the . On the 4 hourly chart the market is moving towards the upside and still rise is expected on the upper side and the bullish outlook depicted on the monthly time frame , as price breaks above the falling wedge resistance. The major line EMA is trading above the SMA lines which gives us confirmation of bullishness in the market . The pair keep its eye on yearly high after breaching the key resistance. The pair remains skewed to the topside as price continues to track firmly above all moving averages.
The support point of pair is 0.7400 followed by 0.7450 and resistance is 0.7280 followed by -0.7240 The RSI is above the 50 level favoring the bulls. A bullish crossover on MACD indicator is showing the strength in the pair.
TRADE IDEA: Based on the chart and above studies we would suggest go for buy 0.7340 target 0.7380 -0.7430 stop loss is 0.7250