Since the beginning of the year the currency pair gained more than 6.5% and last week rose more than 1.0% furthermore it continues in an accumulation phase since mid-January 2017.
Last week the AUDUSD rose with a wide range and closed near the high of the week, in addition managed to close above the previous week high, which suggests a strong bullish momentum.
The stochastic is showing a strong bullish momentum and crossed above the 50 mid line.
Expecting an upward move to 2016 high at 0.7834 on a break above the previous week high at 0.7696 (scenario 1) and a bounce from the 2016 high at 0.7834 may trigger a minor pull back to the weekly resistance at 0.7735 (scenario 2) that can lead to a bullish run up to the next weekly resistance at 0.8032 on a bounce from the weekly resistance at 0.7735(scenario 3).
Thank you for the insightful analysis!
Thank you for the helpful analysis.
It found resistance at 0.7695.
Good reporting, excellent.
Excellent Analysis! Thanks.
Good to know, thank you!
It was interesting to read! Thanks a lot!
Good post. Very helpful.
The pair is consolidating with upward potential.