Aussie’s bullish reversal at the start of this week, indicates that the bulls remain to have the upper hand. However, ADS Securities’ research team expects only a bullish AUDUSD above 0.7695. It’s decision time for AUDUSD.
30 March, ADS Securities – The AUDUSD pair finished in the green for the third consecutive session yesterday amid expectations that Chinese economy is growing in line with market anticipations and is likely to expand by 6.8% in the first quarter of 2017. Currently, the pair is trading with a negative bias, hinting at weakness in the coming session.
Bullish AUDUSD above 0.7695
Moreover, the MACD is heading lower further endorsing the above view. Key support is situated at the 0.7655 level, followed by the 0.7645 where EMA 55 is placed and 0.7635 levels. A breach below the latter might trigger bearishness in the pair. On the contrary, the key technical barrier is placed at the 0.7675 level, followed by the 0.7685 and 0.7695 levels. A breakout about the latter might lead to further acceleration to the upside in the pair.
ADS Securities Risk Disclaimer
This technical analysis about AUDUSD is intended solely for the person or entity to whom it is addressed. Such person or entity is prohibited from disseminating, distributing, transmitting or forwarding this communication to any other person or entity. Also, this communication may not be used in whole or in part by any person or entity. Which it was not originally directed to by ADS Securities LLC (“ADSS”, “us” or “we”). Trading foreign exchange, foreign exchange options, foreign exchange forwards, contracts for difference, bullion and other over-the-counter products carries a high level of risk. Hence, it may not be suitable for all investors.
All opinions, news, analysis, prices or other information contained in this communication are provided as general market commentary. It does not constitute investment advice. Nor a solicitation or recommendation for you to buy or sell any over-the-counter product or another financial instrument.