AUDUSD – On the daily time frame the Aussie dollar is seen consolidating after an attempt to break higher.
The 07720 price level is a strong level that have held its ground so far. We need to see price close decisively above that level and the 0.775 level before we can say that there is a convincing win on the bull’s camp.
At the moment, this pair is ranging between the R1 at 0.7720 level and support level at S1 (0.774463).
The moving averages are pointing at 3 o’clock and we also have a diagonal support line below which makes up the uptrend channel.
A break below that channel will push this pair lower towards S1.
MACD histogram is also flat at the moment.
Heiken Ashi is showing blue and indicating bullish momentum.
Trade this pair with caution.
I would look to range trade this pair if I were you. Look to short at resistance and long at support levels. It will be great if the trade idea is backed up by price action signals too.
To your success!
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