AUD/USD rejected at channel top, drop to 0.7587 likely
Significant gains in commodities and a broadly weak Greenback supported upside in AUD/USD.
The pair largely ignored weak Jobs data and has hit session highs at 0.7680, breaking above resistance at 0.7648 (Double top Apr 14th and July 3rd).
Immediate resistance and supports are located at 0.7724 (rising channel top) and 0.7639 (4h 5-DMA) respectively.
Longer-term momentum still with the bulls, we expect some intra-day correction, possibly upto 0.7587.
2-hourly charts confirm weakness, we see bearish Stochs and RSI rollover from overbought zone.
A bearish MACD line crossover on signal line also evident.
Good to sell rallies around 0.7645/50, SL: 0.7680, TP: 0.7587
The pair largely ignored weak Jobs data and has hit session highs at 0.7680, breaking above resistance at 0.7648 (Double top Apr 14th and July 3rd).
Immediate resistance and supports are located at 0.7724 (rising channel top) and 0.7639 (4h 5-DMA) respectively.
Longer-term momentum still with the bulls, we expect some intra-day correction, possibly upto 0.7587.
2-hourly charts confirm weakness, we see bearish Stochs and RSI rollover from overbought zone.
A bearish MACD line crossover on signal line also evident.
Good to sell rallies around 0.7645/50, SL: 0.7680, TP: 0.7587
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