AUDUSD needs to close beyond 50-day & 100-day SMA confluence-region of 0.7195-80 in order to aim for 0.7240 and the 0.7300 resistances; however, the 0.7330-40 area, comprising 200-day SMA & nine-month old descending trend-line, can restrict the pair’s upside past-0.7300. In case prices continue rallying past-0.7340, the 0.7400, the 0.7440 & the 0.7485 may flash on Bulls’ radars to target. Meanwhile, failure to offer a D1 close above 0.7195 could drag the pair back to 0.7150 and then 0.7075 prior to challenging the 0.7015-10 support-zone. Assuming the pair’s sustained downturn under 0.7010, the 0.6970, the 0.6900 and the 0.6825 might act as intermediate halts during its plunge to 0.6730.
Failure to hold its uptick to 1.6690 seems fetching the EURAUD to 1.5885-80 horizontal-line, breaking which the 1.5820, the 1.5780 and the 1.5700 could gain market attention before highlighting the 1.5675-70 for sellers. Given the quote declines beneath 1.5670, the 1.5580 & 1.5510-1.5500 might become Bears’ favorites. Alternatively, the 1.6085 trend-line can limit the pair’s near-term upside but break of which can print 1.6200 on the chart. Moreover, pair’s successful rally above 1.6200 may avail the 1.6280, 1.6320 and the 1.6400 to please the buyers.
Short-term ascending trend-line is likely favoring the AUDJPY’s gradual recovery towards month-long resistance-line, at 78.65, which in-turn can open the gate for the pair’s rise to 79.30 & 80.00 round-figure. Though, 80.60-65 might confine the pair’s advances after 80.00, if not then 81.20 & 81.60 could be targeted if having long positions. On the contrary, break of 77.90 support-line may trigger the pair’s fresh dip to 77.00 and to 76.00. If at all trade sentiment remains in favor of pessimists below 76.00, the 75.20 & 74.00 seem crucial supports.
This article was originally posted on FX Empire
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