AUDUSD DAILY OUTLOOK.

 #OPINIONLEADER#  #AUD/USD#  #RakutenSecuriti#  #Tickmill# 

The daily AUD/USD reflects a consolidatory period since mid-July. It looked as if a rising wedge could have been unfolding but has since played out. Current price action outlines a rectangle pattern.

 A confirmation close above or below the respective rectangle resistance/support levels could give a direction to this potential breakout, be patient.

 

 

.

The RSI is slowly moving out of oversold territory and suggesting slowing bearish momentum although spot prices are moving sideways.

The 20 EMA is holding steady as a source of short-term resistance with a break above likely to support bulls in an attempt to push toward 0.7470.

Key resistance

0.7510
0.7470 – coincides with 60-day EMA
30-day EMA

Key support levels:

0.7295
0.7260
0.7180