XM Group - Analytics

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    Technical Analysis – AUDUSD bullish above 0.7500

    AUDUSD retains its bullish outlook especially after the 50-day moving average crossed above the 200-day moving average last week, which is a bullish signal.

    As long as the market remains above 0.7500, there is scope for prices to extend higher towards 0.7700. MACD is above zero and rising, supporting a bullish bias.

    In the near term, the market is likely to consolidate after the recent rally stopped at 0.7679 on Friday. RSI reached overbought levels, which indicates a pullback was due. Support is seen at 0.7500. A break below this key level would weaken the bullish outlook, leading prices to target the March 16 low of 0.7413.

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