Technical Analyst, Saxo Bank
Summary: AUDUSD testing key resistance at 0.69. Indicator suggesting it to be broken with a move to 0.70-0.71 to follow
ASX 200/AUS200 cfd downtrend on the verge of reversing. 7,370 key resistance
AUDUSD is close to testing 0.69 that could be a hard nut to crack. However, RSI is bullish and all daily Moving Averages are pointing upwards indicating underlying bullish sentiment. If AUDUSD doesn’t break above in first attempt it is likely to take out the 0.69 level.
If it does close above 0.69, a move to around 0.7090 (1.618 projection) - 0.7140 level is in the cards. A close above 0.70 seems to result in AUDUSD breaking above the medium-term falling trendline.
If sliding back below 0.67 the bullish scenario is demolished.
AUDJPY has bounced from the 55 daily Moving Average and the 0.382 retracement at around 93.30 just above the lower rising trendline. Trying to get back above 95.15 resistance resuming uptrend. If daily RSI closes back above 60 uptrend has been confirmed resuming.
If that scenario plays out which seems likely, AUDJPY could move back to 0.97-0.98
RSI with no divergence is suggesting higher levels above 97.82 is likely
A break below 93.20 will reverse the rebound/bullish picture with AUDJPY likely to drop to the 0.618 retracement at 90.55.
ASX 200 bounced strongly from lower falling trendline and is now back above the Cloud (Shaded area) and above all daily Moving Averages.
RSI still below 60 threshold and needs to close above to turn to positive sentiment.
ASX is facing strong resistance at around 7,370. A close above supported by an RSI close above 60 will confirm bullish trend with potential to 7,600
Medium-term ASX200 has been range bound for several months now. However, weekly RSI is still showing positive sentiment and a close back above 60 will confirm ASX resuming uptrend.
Strong resistance around 7,600-7,630. A break above could give upside potential to 8,250-8,300
A close below 6,900 will demolish the bullish picture
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