“¢ The pair continued gaining positive traction for the second consecutive session on Tuesday and climbed to 2-1/2 week tops, around mid-0.7100s during the mid-European session.
“¢ A sustained move beyond the 0.7130 horizontal supply zone was seen as a key trigger for intraday bullish traders and now support prospects for further near-term positive momentum.
“¢ Bullish oscillators on 4-hourly/daily charts add credence to the constructive outlook, though slightly overbought conditions on the 1-hourly chart seemed to be the only factor capping gains.
“¢ However, any dips back towards the resistance break-point might now be seen as a buying opportunity for an eventual up-move towards challenging the very important 200-day SMA.
AUD/USD 1-hourly chart
-636904116169420753.png)
Share
