The Australian Dollar pushed higher on Tuesday and was seen to be 0.30 per cent stronger during the London session. The AUDUSD pair was trading near 0.7330.
Bulls managed to push the Aussie above the key bearish trend line, which has been limiting the upside movement for many months. Finally, bulls conquered this level, which led to the Aussie posting a small rally. The price is now reaching another zone at the second major bearish trend line, but this time it converged with the 100-day moving average. Both these resistances are seen near 0.7265.
If the pair closes above these levels daily, the bearish trend could be over, with a possible relief rally toward the 200-day moving average, which is currently near 0.7500.
On the downside, major support could be at the first broken trend line near 0.7145 and while above, the short-term outlook seems positive. Form an intraday perspective, another zone might be located at yesterday’s lows of 0.7185.
There is a bullish divergence between the RSI indicator and the price, which could also support a bullish scenario. Moreover, the pair is heavily oversold and therefore a short-squeeze rally seems likely over the next few days.
Analysis and opinions provided herein are intended solely for informational and educational purposes and don't represent a recommendation or an investment advice by TeleTrade. Indiscriminate reliance on illustrative or informational materials may lead to losses.
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