- AUD/USD bulls decided to put the main bear trend on hold by supporting AUD/USD just above the strong 0.7200 psychological level.
- AUD/USD has already reversed all its daily losses and the most cautious AUD/USD counter-trend bulls will likely enter the market after the extra-confirmation of a breakout above the bearish trendline and 0.7255 resistance. The 50-period simple moving average is about to cross above the 100 SMA suggesting building bullish momentum.
- Targets to the upside are located near 0.7294 and 0.7345. A bear breakout below 0.7200 figure would negate the counter-trend bullish trade.
AUD/USD 15-minute chart
Spot rate: 0.7239
Relative change: -0.06%
High: 0.7249
Low: 0.7201
Main trend: Bearish
Short-term trend: Bullish above 0.7200
Resistance 1: 0.7255 August 13 low
Resistance 2: 0.7294 August 13 high
Resistance 3: 0.7345 demand level
Support 1: 0.7200 figure
Support 2: 0.7159 December 26, 2016 low
Support 3: 0.7100 figure