Considering AUDUSD’s dip beneath a month-old ascending trend-line, the pair is likely to visit the 0.7180 support but the 0.7150 horizontal-stop could confine its further downside. In case there prevails additional weakness on the part of the pair past-0.7150, the 0.7120 and the 0.7050 seem crucial rest-points to watch as break of which highlights the 0.7020 and the 0.7000 come-back. On the upside, the 0.7240 and the 0.7260 can restrict the pair’s near-term advances ahead of fueling it to 0.7275-80 region. Moreover, successful break of 0.7280 may escalate the recovery to the 0.7320 and then to the 0.7335-45 area prior to flashing 0.7395 on Bulls’ radar.
Even after trading near fortnight high, the EURAUD has to justify its strength by conquering the 1.5755-65 resistance-confluence in order to aim for the 1.5850, the 1.5915 and the 1.5955 numbers to north. Though, 1.6000 & 1.6035-45 might challenge the buyers after 1.5955, failing to which could recall 1.6140 & 1.6200 on the chart. If at all prices take a U-turn from current levels, the 1.5680, the 1.5630 and the 1.5520-10 are expected supports to play their roles. Should sellers refrain to respect the 1.5510 mark, the 1.5460, the 1.5400 and the 1.5345 can become their favorites.
Alike EURAUD, the GBPAUD also needs to provide a daily closing beyond 1.7675 resistance-line if it is to revisit the 1.7770 and the 1.7820 levels. Given the pair’s ability to cross aforementioned barriers, the 200-day SMA level of 1.7935 and the 1.8000 psychological magnet can please the optimists. Alternatively, the 1.7500-1.7490 and the 1.7370 may offer immediate supports to the pair, breaking which the 1.7210-1.7200, the 1.7095 and the 1.7000 round-figure can lure the Bears.
This article was originally posted on FX Empire
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