AUD/USD breaks above 5-DMA, good to go long on dips
AUD/USD has broken above 5-DMA which was capping upside since Jan 5th, further gains upto 0.7161 (cloud base) likely on charts.
Strong support is seen at 0.6920/30 zone, pair has held trendline support to edge higher. Successive spinning top and Doji formed at lows suggests bears unable to take the pair lower.
Daily Stochs are showing a rollover from oversold levels and RSI has bounced off after hitting 30 levels, currently at 39 and points north.
Immediate support is located at 0.6995 (5-DMA), while the next hurdle on the upside is located at 0.7076 (Jan 8th highs).
We find it good to go long on dips around 0.70, SL: 0.6920, TP1: 0.7075, TP2: 0.7150
Resistance Levels:
R1: 0.7076 (Jan 8th highs)
R2: 0.7086 (Jan 7th highs)
R3: 0.7096 (10-DMA)
Support Levels:
S1: 0.6995 (5-DMA)
S2: 0.6974 (Session lows Jan 13)
S3: 0.6940 (Jan 12 lows)
Strong support is seen at 0.6920/30 zone, pair has held trendline support to edge higher. Successive spinning top and Doji formed at lows suggests bears unable to take the pair lower.
Daily Stochs are showing a rollover from oversold levels and RSI has bounced off after hitting 30 levels, currently at 39 and points north.
Immediate support is located at 0.6995 (5-DMA), while the next hurdle on the upside is located at 0.7076 (Jan 8th highs).
We find it good to go long on dips around 0.70, SL: 0.6920, TP1: 0.7075, TP2: 0.7150
Resistance Levels:
R1: 0.7076 (Jan 8th highs)
R2: 0.7086 (Jan 7th highs)
R3: 0.7096 (10-DMA)
Support Levels:
S1: 0.6995 (5-DMA)
S2: 0.6974 (Session lows Jan 13)
S3: 0.6940 (Jan 12 lows)