AUD/USD bulls loom after pushing prices to an intraday high of US$0.6735 – The technical layout supports bullish divergence on the daily chart

February 12, 2020 - 2 weeks ago
Share on twitter
Share on facebook
Share on linkedin
Share on email

Yesterday, the bulls were noticeably present after the market gained momentum and moved further away from the near-decade lows of US$0.6660-65.

The bulls managed to carve out an intraday high of US$0.6735 before its retreat.

What has inspired this upward move is bullish divergence viewed from the 3-day RSI and the MACD on the daily chart which has been diverging negatively against the price for 6-days which could indicate that the AUD/USD pair might have already bottomed out in the near-term.

However, the bulls have a lot of work cut ahead of them as there are many resistance levels seen above, with the immediate level viewed from US$0.6735 (minor), with the supply zone viewed above at US$0.6765-75.

Conversely, a decisive break of the critical support level at US$0.6660, would expose the region of US$0.6400, viewed from a broader aspect.

Share on twitter
Share on facebook
Share on linkedin
Share on email

Leave a Reply

Close Menu