The AUD/USD pair’s rally is still in progress and edges higher to the 0.7621 level. Intraday bias the pair remains on the upside direction at this point. A firm break of resistance will confirm resumption of whole rebound from the 0.7549 bottom level. In such case, the pair would target projection of the 0.7621 next levels. On the downside, the pair trading below 0.7549 minor supports will turn intraday bias neutral first. But, the pair’s near term outlook will stay cautiously bullish as long as the 0.7549 support level holds.

In the bigger picture, the current development suggests that rebound from the 0.7549 level is developing into a medium term rise. There is no confirmation of trend reversal yet and we’ll continue to treat such rebound as a corrective pattern. But in any case, a further rise is now expected even further to the 0.7621 level. Breaking of the 0.7576 resistance level is needed to confirm completion of the rebound and a further rise is now in favor.

The recent run low on the Aussie has slowed, recovered and showed some consolidation. A decent bull run has seen the market burst through the key high of the 0.7549 level to now see what looks to be a huge breakout above the high of the 0.7621 level. The market has been limited by the resistance band at the 0.7576 level on numerous occasions in the past few candles. The pair chasing the Aussie here would though be a move filled with a significant reward. The oscillator at the 30 level is rising than it has been in recent times. The pair’s momentum is incredibly stronger and staying with the bull run may be profitable in the very near term. However, if profit taking hits, it could be a reversal and might watch out for exhaustion signals. On the pivot bands, it is also notable that the entirety of current session took place. The bears were looking tired before the sharp gains of today as the move looks stronger and a close back above the resistance level would now be a corrective signal. Also the oscillator was close to crossing back above for gains. A move back above the 20 level on the daily would now be a corrective signal that a closing level back inside the band would now be a profit taking signal. The four hourly chart supports around the breakout at the 0.7549 level.

The AUD/USD pair opens today’s trading with a clear positivity to move away from the bullish trend line that appears on four hour chart. The pair looks for support to protect the price from suffering more losses, while stochastic begins to provide positive overlapping signals on the four hours’ time frame.

Therefore, these factors encourage us to continue suggesting the bullish trend on the intraday and short term basis. The pair’s main targets begin at the 0.7621 and extend to reach 0.7635 levels .This takes into consideration that the pair breaking at the 0.7576 level will begin the expected rise and will push the price to start a bullish correction on the intraday basis.

The pair’s expected trading range for today is between the 0.7549 support and 0.7621 resistance levels.

Expected trend for today: Bullish

This article was originally posted on FX Empire

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