AUD/USD Forecast: Extended recovery needs confirmation with closing above 10DMA

0 110

The Australian dollar is extending its recovery from multi-month lows on Tuesday, breaking the pivotal barriers at 0.6708 (10DMA), driven by fresh risk appetite.

The daily RSI and Momentum are heading north after forming a bullish divergence which could help the recovery.

An extension and a close above the 10DMA would generate a firmer bullish signal and an open barrier at 0.6749 (Fibo 23.6% from 0.7032/0.6662), with key levels at 0.6775/0.6803 (5th Feb high, reinforced by the 20DMA/Fibo 38.2% drop from 0.7032). / 0.6662)).

Being careful not to break the 10DMA would keep the downside at risk.

Resistance: 0.6713, 0.6749, 0.6775, 0.6803
Support: 0.6681, 0.6662, 0.6643, 0.6600

AUD/USD Forecast: Extended recovery needs confirmation with closing above 10DMA has no relation whatsoever with Metaquote and we have no responsibility regarding their products offered by our Sponsors.

Seize the chance to earn real money instantly!
Take 4 simple steps along the path to success and financial independence
Open a trading account
Beginner traders can start their career in forex Practice on a demo account
Download - Powerful, reliable and proven trading platform
System requirements: Windows 7 and later versions
platform for Android
System requirements: Android 4.0 and above, 3G/WiFi
platform Ctrade for iOS
System requirements: iOS 4.0 or later, 3G/Wifi
Deposit to your trading account through any convenient payment system
Great bonuses guarantee your confident start in trading
Bonuses are added ranging in size From 20% to 50% to your account every time you make a deposit
Related topics
Inline Feedbacks
View all comments