Mon, May 29, 2023 @ 21:53 GMT
HomeContributorsTechnical AnalysisAUDUSD – Rising Daily Cloud Holds Pullback For Now

AUDUSD – Rising Daily Cloud Holds Pullback For Now

Pullback from 0.7747 peak is holding above rising daily cloud for now, as Friday’s probe below cloud top was short-lived and closed at cloud top. Also, trading on Friday ended in tight Doji, signaling that bears off 0.7747 peak may be running out of steam.

The price action today is mainly holding above thickening daily cloud (cloud top lies at 0.7628 today) and repeated close above it would generate initial bullish signal.

Reversal scenario requires sustained break above daily Tenkan-sen line (currently at 0.7650 and near Fibo 38.2% of 0.7747/0.7602 pullback) to ease persisting bearish pressure and generate stronger bullish signal.

Conversely, close below daily cloud would risk fresh extension towards 0.7588 (Fibo 61.8% of 0.7489/0.7747 rally) and expose 200SMA (0.7543).

Res: 0.7641, 0.7650, 0.7692, 0.7717
Sup: 0.7628, 0.7602, 0.7588, 0.7543

Windsor Brokers Ltd
Windsor Brokers Ltd
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.

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