AUDUSD Rallies On Bullish Offensive

AUDUSD Rallies On Bullish Offensive

31 May 2016, 13:55
Roberto Jacobs
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AUDUSD Rallies On Bullish Offensive

AUDUSD - With the pair rallying strongly on Tuesday, it faces further bullishness in the days ahead. On the downside, support resides at the 0.7200 level where a breach will aim at the 0.7150 level. Below that level will set the stage for a run at the 0.7100 level with a cut through here targeting further downside pressure towards the 0.7050 level. On the upside, resistance lies at the 0.7300 level. A cut through here will turn attention to the 0.7350 level and then the 0.7400 level where a violation will set the stage for a retarget of the 0.7450 level. Its daily RSI is bullish and pointing higher supporting this view. On the whole, AUDUSD remains biased to the upside on price failure.


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