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AUD/USD: bullish looking while strong support comes at 0.7150

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 20, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Guatemala) - AUD/USD is currently trading at 0.7234 with a high of 0.7250 and a low of 0.7183.

    AUD/USD is breaking the boundaries and, despite that iron ore, Australia's chief export, dropped to a 4-month low overnight. However, we are in overbought readings here and we move towards a close on the 0.72 handle below the highs in a phase of consolidation with RSI (14) at 70 on the 4hr chart. Pull backs could find a strong area of support at 0.7150 according to analysts at UOB.

    AUD/USD technically bullish

    The analysts at UOB Group explained that the outlook shifts to bullish, target a move to 0.7295. "As pointed out in yesterday's update, a break above 0.7160 would signal that AUD could stage a sustained rally in the coming days. In other words, we are bullish now and expect the current rally to extend higher to 0.7295. Strong support is at 0.7150, but only a break below the 0.7105 would indicate that our bullish view is wrong."
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