Will the bulls lead the AUDUSD at 0.7732?
The bullish pressures on the AUDUSD got more tensed since the 24th of October 2016 where the price climbed from 0.7587 to 0.7678.
The buyers took control of the pair by almost 100 pips to their favour, a profitable movement with good gains for the bulls.
The latest stabilization of the price at the 0.7678 area which is below today’s major pivot point level the 0.7732, is a good indication that the buyers could likely exert further momentum to boost the price higher.
Stochastic oscillator signals that a probable bullish retracement at the 75 level has greater chances to occur.
In the event where the pair escalates, the buyers could set their take profit target at 0.7823.
Alternatively, a bearish breakout below the 0.7678 zone could signal that the sellers may exert far greater pressures to force the price to lower areas such as the 0.7587.
- There are no any releases on the Australian dollar
- The Goods Trade Balance (Sep), the Markit PMI Composite (Oct), the Markit Services PMI (Oct), the New Home Sales (MoM) (Sep), and the New Home Sales Change (MoM) (Sep) releases are expected to have a medium influence on the U.S. dollar
· Probable trend (Bullish): 0.7732
· Bullish take profit target: 0.7823
· Stop loss target: 0.7678
· Alternative trend (Bearish): 0.7678
· Bearish take profit target: 0.7587