AUD/USD at this point does not have a clear direction,
whether up or down. But the pair is certainly consolidating, and at the
same time offering to capitalize on such market condition.
The pair is rejecting the uptrend trendline, where it also
rejected the 200 Moving Average which has been acting as a support several
times already. The RIS oscillator crossed the 30 level (oversold) above followed
by the breakout of the downtrend trendline.
This price action should result in the AUD/USD short-term or
intraday growth. Therefore, consider buying AUD/USD at the current level
targeting 0.7775 area (R1). Onlya break below 0.7676 (S2) might add some more downside
pressure, but while the rate is above 0.77, long positions are preferred.
Support: 0.7702, 0.7676
Resistance: 0.7775, 0.7791
The material has been provided by InstaForex Company – www.instaforex.com