AUDUSD Bull Theme Reinforced

Technical Analysis

Video Analysis

The surge through the .8076 level, to a new recovery high leaves a more bullish tone and reinforces upside pressures from the strong post-RBA recovery effort.

This leaves the focus to the topside Thursday and for May having then defended support at .7790/84 early this month.

For Today:

  • We see an upside bias for .8137; break here aims for .8175 and maybe .8224/34.
  • But below .8034 opens risk down to .8000, which we would look to try to hold.

Short/ Intermediate-term Outlook – Upside Risks:

  • We see a more positive tone with the bullish threat to .8137.
  • Above here targets key levels at .8224/34 and .8295.
  • Overshoot threat is to .8376 and .8386 targets.

What Changes This? Below .7860 eases bull risks; through .7784 signals a neutral tone, only shifting negative below .7679.

Momentum: The 8-day RSI, short-term momentum has corrected from OB and aiming up, and we see scope to go higher this week.

Risk Statement: Trading Foreign Exchange on margin carries a high level of risk and may not be suitable for all investors. The possibility exists that you could lose more than your initial deposit. The high degree of leverage can work against you as well as for you.