AUD/USD Technical Strategy: Long at 0.7666
Aussie Dollar breaks three-month downtrend, implying at bullish pattern inversion
Strategic long position enacted, searching for move to test protection over 0.77
The Australian Dollar looks ready to dispatch a recuperation against its US partner in the wake of breaking above protection managing the downtrend since early September. The money benefited from the greenback’s shortcoming after the FOMC rate choice and additionally amazingly energetic nearby work showcase information.
Near-term protection is in the 0.7733-40 region (October 6 low, 38.2% Fibonacci retracement), with a day by day close over that opening the entryway for a trial of the half level at 0.7813. Then again, a move back beneath protection turned help at 0.7644 makes ready for another test of 0.7459.
The rest of the bit of the AUD/USD short activated at 0.7611 was halted out at breakeven after the benefit was set up for half of the presentation at the exchange’s underlying target. A strategic long exchange has now been initiated at 0.7666, at first focusing on 0.7714. A stop-misfortune will initiate on a day by day close underneath 0.7622. For more latest market updates visit our blog http://www.mmfsolutions.sg/blog/