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    AUD/USD: strongly trending higher in the short-term

       
    The aussie is in a strong short-term up-trend after breaking out of a consolidation it formed after basing following the March lows.

    The up-trend is expected to extend, with a break above the current 0.8025 highs helping to confirm a probable move higher to resistance at the 0.8080 level from the R2 monthly pivot. Whilst the position of the pivot will move on the 1st of May, in two days time, it remains a temporary target, nevertheless.

    If the pair pulls back into the area between the 10 and 20 4-hour MA’s and forms a bar or candlestick reversal pattern this might also be a good place to make a low-risk entry and ride the trend higher.

    The longer-term chart supports a possible bullish reversal as it shows the long down-trend recently meeting support from the 200-month MA at 0.7800, so this could be where a recovery starts.
    AUDUSD29

       
    The aussie is in a strong short-term up-trend after breaking out of a consolidation it formed after basing following the March lows.

    The up-trend is expected to extend, with a break above the current 0.8025 highs helping to confirm a probable move higher to resistance at the 0.8080 level from the R2 monthly pivot. Whilst the position of the pivot will move on the 1st of May, in two days time, it remains a temporary target, nevertheless.

    If the pair pulls back into the area between the 10 and 20 4-hour MA’s and forms a bar or candlestick reversal pattern this might also be a good place to make a low-risk entry and ride the trend higher.

    The longer-term chart supports a possible bullish reversal as it shows the long down-trend recently meeting support from the 200-month MA at 0.7800, so this could be where a recovery starts.
    AUDUSD29


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