• FxWirePro: AUD/USD trades in narrow range above 0.76 handle, good to go long on break above 0.7640

    Source: FxWire Pro - Technicals / 23 Nov 2017 00:40:28   Eastern Standard Time

    • AUD/USD consolidating dovish FOMC minutes led upside on the 0.76 handle.
       
    • Price action rages in narrow range with stiff resistance at 20-DMA at 0.7637.
       
    • Technical studies are turning slightly bullish, RSI has turned north from near oversold levels.
       
    • Stochs are showing rollover from oversold levels and MACD is on verge of bullish crossover on signal line.
       
    • Break above 20-DMA finds next major resistance at 0.7694 (200-DMA) ahead of 0.7730 (Nov 2 high).
       
    • On the flipside, 5-DMA at 0.7585 is immediate support, break below to see weakness upto 0.7535 levels. Violation there could accentuate weakness.

    Support levels - 0.7585 (5-DMA), 0.7535 (double bottom June 22 and Nov 17), 0.7528 (61.8% Fib retrace of 0.7160 to 0.81250 rally)

    Resistance levels - 0.7637 (20-DMA), 0.7694 (200-DMA), 0.7758 (38.2% Fib retrace of 0.81250 to 0.75320 fall)

    Recommendation: Watch out for break above 0.7640 to go long, SL: 0.7585, TP: 0.7695/ 0.7750

    FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at 123.096 (Bullish), while Hourly USD Spot Index was at -120.956 (Bearish) at 0500 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.

    FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest