AUD/USD Forex Technical Analysis for June 21, 2016
Forex Technical Analysis – The AUD/USD pair tried to rally during the course of the day on Monday, but gave back about half of the gains in order to form a bit of an exhausted looking candle. That being the case, it’s not until we break out above that Jaime during the Monday session that I’m comfortable buying this pair. On the other hand, we very well could find yourselves still been attracted to the 0.74 level which of course has been a bit of a magnet for price recently as we have been consolidating lately.
In Other View Point – AUD/USD through 0.7500, session highs
The Aussie dollar is following its risk-associated peers on Tuesday, now pushing AUD/USD to the 0.7500 neighbourhood, or daily highs.
AUD/USD boosted by risk appetite
AUD remains well supported by the risk-on environment prevailing in the global markets since the start of the week, all against the backdrop of a pick up in the ‘Remain’ vote at the EU-UK Referendum on Thursday.
In addition, today’s RBA minutes showed the central bank expects inflation to remain in low levels, GDP prospects are seen above potential and employment seems to have slowed its pace.
AUD/USD levels to watch
At the moment the pair is advancing 0.58% at 0.7501 and a break above 0.7508 (high Jun.9) would aim for 0.7597 (23.6% Fibo of the Jan-Apr up move) and finally 0.7836 (2016 high Apr.21). On the other hand, the next support aligns at 0.7447 (55-day sma) followed by 0.7413 (20-day sma) and then 0.7283 (low Jun.16).
In Other View Point – AUDUSD Short
Currently AUDUSD testing its year high zone. Shorted @ 0.7504 with SL 100 pips target 0.730 area. This is a short term trade. RSI and Stochastic are over bought. TP can should be in 0.730 area as we can see harmonic pattern in Stochastic Once the target hit again going Long