Technical Analysis

15 November 2018

AUDUSD: Aussie Surges Above Second Bearish Trend Line



It has been a positive day for the Australian Dollar so far and the AUDUSD pair was trading 0.75 percent stronger during the London session, hovering near 0.7285.

Solid labour market data sent the Australian Dollar sharply higher today and the Aussie managed to jump above the second bearish trend line, and above the 100-day moving average, which switched the short- and medium-term trend to bullish.

The next immediate resistance could now be at the previous swing top at 0.73 and then perhaps at previous highs and lows near 0.7320. If these two are taken out, further rise toward another strong selling level of 0.7450 could occur, where the 200-day moving average is located.

On the downside, the support is now at the 100-day moving average near 0.7255 and if not held, the pair could decline back to the broken bearish trend line at 0.7200. While the pair trades above 0.72, the immediate trend seems bullish.

The RSI indicator also confirms the current upward movement, as it is slowly climbing to new highs.

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