Long AUD/USD on 21-EMA break and bullish divergence
The pair has broken above 21-EMA resistance and we see scope for further upside.
The major failed to extend weakness below 61.8% Fib at 0.7327, bullish divergence on RSI and Stochs keeps scope for upside in the pair.
Technical indicators on daily charts have turned bullish. Stochs and RSI biased higher. MACD and DMI are showing bullish crossover.
Break above stiff resistance at 21-EMA at 0.7431 now eyes 55-EMA at 0.7510. Break out there could see further upside.
On the flipside, we see weakness to resume on retrace below 5-DMA support at 0.7408.
Support levels - 0.7431 (21-EMA), 0.7408 (5-DMA), 0.7327 (61.8% Fib), 0.73
Resistance levels - 0.7505 (23.6% Fib), 0.7510 (55-EMA), 0.7567 (May 11 high)
Good to go long on dips around 0.7450, SL: 0.74, TP: 0.7510/ 0.7565
The major failed to extend weakness below 61.8% Fib at 0.7327, bullish divergence on RSI and Stochs keeps scope for upside in the pair.
Technical indicators on daily charts have turned bullish. Stochs and RSI biased higher. MACD and DMI are showing bullish crossover.
Break above stiff resistance at 21-EMA at 0.7431 now eyes 55-EMA at 0.7510. Break out there could see further upside.
On the flipside, we see weakness to resume on retrace below 5-DMA support at 0.7408.
Support levels - 0.7431 (21-EMA), 0.7408 (5-DMA), 0.7327 (61.8% Fib), 0.73
Resistance levels - 0.7505 (23.6% Fib), 0.7510 (55-EMA), 0.7567 (May 11 high)
Good to go long on dips around 0.7450, SL: 0.74, TP: 0.7510/ 0.7565