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Friday, August 12, 2022

Nw: AUD/USD Designate Prognosis: 50-DMA defends bulls around 0.7000

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  • AUD/USD reverses intraday losses whereas taking rounds to 6-week high.
  • Bullish MACD alerts, much less assailable RSI prefer upside momentum nonetheless descending vogue line from April assessments traders.
  • Sellers must four-month-feeble previous resistance line to retake support watch over.

AUD/USD remains much less assailable around 0.6980-90 whilst bulls battle to refresh their month-to-month high all over early Monday morning in Europe. In doing so, the Aussie pair seesaws between the 50-DMA and a downward sloping resistance line from April 21.

Given the bullish MACD alerts and the much less assailable RSI (14), not overbought, coupled with the pair’s a hit buying and selling above a descending resistance line from early April, now give a enhance to around 0.6920, the AUD/USD pair is at risk of approach further.

Nonetheless, a day-to-day closing previous the aforementioned resistance line, finish to 0.7015 by the click time, appears mandatory for the bulls to defend reins.

Following that, the pair’s plug-up in direction of the mid-June swing high of 0.7070 and then to June’s month-to-month peak surrounding 0.7285 might perchance possibly well even be expected.

On the flip facet, the 50-DMA and the resistance-grew to change into-give a enhance to line, respectively finish to 0.6970 and 0.6920, restrict instant-term AUD/USD downside.

In a case the place the pair remains archaic previous 0.6920, lows marked all over June and May possibly possibly, finish to 0.6850 and 0.6830 in that expose, will be important to gaze for the pair sellers.

AUD/USD: Day-to-day chart

Fashion: Extra upside expected

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