Range Markets

  • AUD/USD picks up bids from intraday low amid bullish MACD.
  • Sustained trading above the key SMA favor buyers.
  • Weekly support line adds to the downside filters.

AUD/USD keeps Monday’s upside break of 200-SMA, recently picking up bids near 0.7752, during the Asian session on Tuesday.

In addition to the Aussie pair’s breakout of the key SMA, bullish MACD signals also favor the buyers to attack a downward sloping trend line from May 11, around 0.7770.

However, any further upside needs to cross the May 18 swing high near 0.7815 before targeting the monthly top near 0.7890, not to forget the 0.7900 round figure.

Meanwhile, a downside break of 200-SMA near 0.7745 may witness multiple supports around the 0.7700 threshold before dropping back towards the short-term falling support line near 0.7675.

To sum up, AUD/USD remains directed to the short-term key resistance and the odds of the further upside can’t be ruled out.


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