Three Reasons why AUDUSD is Bullish

Three Reasons why AUDUSD is Bullish

After bottoming out in the 0.7530 boundaries, the AUDUSD pair has achieved considerable recovery in the past three weeks as seen on the provided daily graph.

AUDUSD-28-04-2015-TOP

The following three main technical factors may assist bulls to resume their northern trip:

  • Signs of double bottoming and this factor will be affirmed with a daily closing above 0.9740.
  • Technical indicators are positive, since RSI14 is inching upwards, Aroon is giving off a bullish signal, while AUDUSD is being carried by Ribbons lines from the underside.
  • The weekly studies shows consecutive bullish tendencies.

Accordingly, long positions are preferable on AUDUSD as far as the pivotal support of 0.7780 holds.

 

Support 0.7850 0.7780 0.7685
Resistance 0.8000 0.8125 0.8295

Amir El Araby

Co-Founder & Chief Global Strategist at FxComment.com, with 17 years’ experience in the technical analysis studies for FOREX, Commodities and Indices. Amir El-Araby worked as a mentor for many companies and institutes, where he presented new methods for trading in the financial market. Amir is a member of ESTA (Egyptian Society of Technical Analysts). Amir is also the official partner of Harmonic Trader (Mr Scott Carney) and the official instructor of harmonic trader association for Arab countries.

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