AUD/USD: Potential breakout

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23 APR 2018

Attempts to trigger a recovery away from the support zone around 0.7630 are failing. Sellers are currently pushing hard on the major weekly support zone. Breaking this area means an end of the moderate recovery and an extension of the weekly bearish phase. in this scenario the road is open towards 0.7540, 0.7320 and the most important zone between 0.6900<>0.6850.

We are (moderately) selling the breakout with stops above 0.8040.

  • Near term trend: negative
  • Long term trend: neutral/negative
  • Outlook:┬átrend resumption below 0.7630
  • Strategy: avoid or sell below 0.7630
  • Support: 0.7630 / 0.7540 / 0.7320 / 0.6900-
  • Resistance: 0.7800 / 0.7895 / 0.8040 / 0.8110+
  • Outlook cancelled/neutralized: > 0.8040

Weekly chart AUD/USD

 

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