AUD/USD: Battle at .6262 – Bounce or Breakdown Ahead?
AUD/USD is testing minor support at .6262 following a failure to break the 50DMA. Whether it holds this level may determine which direction it takes later in the session.
If the price can’t break .6262 convincingly, longs could be established above with a stop beneath for protection. The aim would be to see a retest of the 50DMA with a break of that level opening the door for a run towards .6337.
However, a clean break of .6262 could see the setup flipped, with shorts placed below the level with a stop above for protection. .6170 screens as one possible target with .6088 the next after that.
Momentum indicators are providing mixed signals with RSI (14) trending lower while MACD has resumed its climb higher. Based on price action earlier in the week, a bullish bias is marginally favoured overall.
Good luck!
DS
If the price can’t break .6262 convincingly, longs could be established above with a stop beneath for protection. The aim would be to see a retest of the 50DMA with a break of that level opening the door for a run towards .6337.
However, a clean break of .6262 could see the setup flipped, with shorts placed below the level with a stop above for protection. .6170 screens as one possible target with .6088 the next after that.
Momentum indicators are providing mixed signals with RSI (14) trending lower while MACD has resumed its climb higher. Based on price action earlier in the week, a bullish bias is marginally favoured overall.
Good luck!
DS
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.