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AUD / USD Daily Technical Analysis | 18 July 2017

2017-07-18 09:35 am | Resource: Technical Analysis Section | No Views : 159

After AUD/USD ended yesterday's bearish session, the pair moved aggressively today during the Asian session as a result of the Bank of Australia's monetary policy data. The Australian also supports China's positive manufacturing data yesterday.
 
AUD/USD is trading in a bullish direction that is currently lacking in strength, based on the analysis of the ADX indicator shown in the previous chart on the hourly frame.
The positive thing is that the ADXL maintains the positive cross between the D + and the D - I colored green and the second red, and the RSI has broken the downtrend line a few hours ago.
It is expected that, as long as the pair is trading at the high of 0.7835, it targets 0.80, as a classic scallop form on the 4 hour time frame.
Support: 0.7825, 0.7786, 0.7714
Resistance: 0.7914, 0.7945, 0.7995
Direction: Up



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