The Australian Dollar pushed higher on
Tuesday and was seen to be 0.30 per cent stronger during the London session. The
AUDUSD pair was trading near 0.7330.
Bulls managed to push the Aussie above the
key bearish trend line, which has been limiting the upside movement for many
months. Finally, bulls conquered this level, which led to the Aussie posting a
small rally. The price is now reaching another zone at the second major bearish
trend line, but this time it converged with the 100-day moving average. Both
these resistances are seen near 0.7265.
If the pair closes above these levels daily,
the bearish trend could be over, with a possible relief rally toward the
200-day moving average, which is currently near 0.7500.
On the downside, major support could be at
the first broken trend line near 0.7145 and while above, the short-term outlook
seems positive. Form an intraday perspective, another zone might be located at
yesterday’s lows of 0.7185.
There is a bullish divergence between the
RSI indicator and the price, which could also support a bullish scenario. Moreover,
the pair is heavily oversold and therefore a short-squeeze rally seems likely
over the next few days.
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