Summary of CS technicals on the Australian dollar.
- Medium-term moving averages are close to seeing a bullish cross higher
- short-term MACD momentum is very strong
- market is also threatening to break key resistance at 0.7138. A close above here would open up a move to our core objective at 0.7284/7306 next
- Near-term support 0.7061, below which would suggest a retest of the breakout point at 0.6904/6854
- However, only a stable close below the 200DMA at 0.6811 would speak in favour of a more neutral and choppy trading environment, with next support below seen at the 55DMA at 0.6798
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I've popped the specific indicators mentioned above onto a chart. You can easily see the MACD strength mentioned.
This chart is from our charting app, which is free and can be found at this link
