Aussie is having a tough time chewing through the triangle resistance.
Despite the sharp rise today, bulls need to observe caution as we had a fake bullish triangle breakout in October. Furthermore, immediate resistance is lined up at 0.7740-0.7760 levels. Hence, only a daily close above 0.7760 would signal continuation the larger uptrend from January lows.
However, Aussie bulls could take heart from the fact that the 100-DMA is sloping upwards once again and more importantly.
Despite the sharp rise today, bulls need to observe caution as we had a fake bullish triangle breakout in October. Furthermore, immediate resistance is lined up at 0.7740-0.7760 levels. Hence, only a daily close above 0.7760 would signal continuation the larger uptrend from January lows.
However, Aussie bulls could take heart from the fact that the 100-DMA is sloping upwards once again and more importantly.
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.