AUD/USD Classical 07.15
AUD/USD: Wednesday’s bullish close is concerning for bears and now opens the door for additional upside beyond next key resistance at 0.8880 (100-Day SMA), and towards psychological barriers at 0.9000. While we did not anticipate gains extending this far, we still retain a bearish outlook for the pair and look for the 100-Day SMA to cap any rallies on a close basis in favor of a bearish resumption. Key short-term support now comes in by 0.8785, and a break and close below this level will be required to relieve topside pressures and shift focus back on the downside.
Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
If you wish to receive Joel's reports in a more timely fashion, e-mail email@example.com and you will be added to the " " list.
If you wish to discuss this topic or any other feel free to visit our Forum page
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.