Technical analysis for AUD/USD pair for October 30
Posted by FXTimes in Featured - October 30th, 2015 5:49 am GMT
A daily chart view presented here for the pair indicates that the drop from sub 0.7400 levels, discussed earlier, has been in a corrective manner (3 waves). Furthermore, the AUD/USD pair is seen to be stalling at the fibonacci 0.618 support, of the entire rally between 0.6900 and 0.7400 levels respectively, around 0.7080 levels since yesterday and prices are just turning higher now, indicating a push higher.
Also, prices seem to be holding above the interim line of support as well. the above technical setups are evidence enough that the bulls might regain control from current levels, at least for a corrective rally. RSI has just turned from above 30 levels, which is supportive of the above view. Immediate support is seen through 0.7080 levels while resistance is at sub 0.7300/20 levels from here.
One could remain cautiously bullish, with risk below 0.7080 levels.