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AUD/USD Chartpack - Technicals & Trade Setup

FX_IDC:AUDUSD   澳幣 / 美元
101 0 2
AUD/USD major trend goes non-directional but interim bears attempt to slide below 7-SMA, more slumps on cards as oscillators in bears’ favor:

AUDUSD             bulls attempt to bounce back above 7 & 21DMAs but restrained below 0.7554 levels. Prices attempt to slide below DMAs again, expect more slumps on probable bearish DMA crossover, both leading and lagging oscillators bearish bias (refer 2H charts).

7DMA is at 0.7544 and 21DMA is 0.7537 on this timeframe.

On the contrary, despite the bearish swings in last three months, bulls have managed to pull back prices above 7EMAs so as to ensure the major trend to prolong in range.

The major trend has now been in the consolidation phase that seems to be drifting in the sloping channel, any attempts of failure swings at this level and 21EMA likely to resume major downtrend (refer monthly charts).

The prices dropped after consistently restrained at 0.7761 & been breaking major supports at 0.7439, the current price has again slid below EMAs.

Both momentum indicators (on monthly terms) have been indecisive but losing strength in the previous uptrend, while on intraday terms have also been indecisive but slightly in bears’ favor.

The prevailing upswings are not favored by healthy bullish momentum both RSI and stochastic curves, instead of converging downwards. MACD on this timeframe signals bearish swings to prolong further.

Hence, at spot reference: 0.7551 the intraday speculators can eye on targets between 0.76 and 0.7539, which means upward travel of another 50 pips (i.e. stiff resistance at 0.76) and downwards about 20-30 pips can be possible as we don’t see any further buying interest from here onwards.

Contemplating trading perspective, it is advisable to buy boundary binaries on dips upper strikes at 0.76 and lower strikes at 0.7529 levels (10 pips tolerance), the strategy is likely to fetch leveraged yields as long as underlying spot FX remains within these strikes on or before the binary expiry duration. On the flip side, stay short in mid-month futures on hedging grounds as more slumps are on the cards in the weeks to come.
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