AUDUSD Is Possibly Bullish

Technical analysis


The RSI is trying to break line 50, together with the CCI above 100, indicating that the uptrend may prevail The price is above MA(10), and MA(15) tends to cross, which may be suitable for opening long orders.


What the possible outcomes are


Australian consumer sentiment rebounded in July, giving some support to AUDUSD, after the pair’s sharp decline upon U.S. CPI high numbers.


AUDUSD may rise towards the first resistance level of 0.74766. If the pair can advance beyond the first resistance level, then the next logical move is to the second resistance level of 0.75045.


Alternatively, the AUDUSD may decline towards the first support level of 0.74391. If the price drops below that level, we can expect a continued downtrend towards the second support level of 0.74089.


Key levels


Support 0.74391 0.74089


Resistance 0.74766 0.75045


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