AUDUSD Technical Analysis for December 08, 2015
Posted by FXTimes in Featured - December 8th, 2015 5:46 am GMT
The 4 H chart presented here is indicating that the AUDUSD pair could be setting up for an extended rally above 0.7400 levels in the sessions to come. The pair is seen to be trading around 0.7250/55 levels for now, seen to be testing its immediate line of support as seen here.
Furthermore the fibonacci 0.618 support of the rally between 0.7160/70 and 0.7380 levels, is also around 0.7250 levels. To add to it, the past resistance turned support is also around the same region. Looking into the above evidences, the high probable move from here could be on the north side, at least above 0.7400 levels as per Fibonacci Trading
Immediate support is seen at 0.7160/70 levels, while resistance is seen through 0.7380 levels respectively. Moreover, RSI is holding above 30 levels as well, indicating potential upside still remains, with bulls poised to take control till prices stay above 0.7160/70 levels.
Long now, stop at 0.7150, target above 0.7400 levels.