Will the bulls lead the AUDUSD at 0.7507?
The bullish pressures on the AUDUSD got more tensed since the 12th of December 2016 where the price climbed from 0.7429 to 0.7507.
The buyers took control of the pair by almost 75 plus pips to their favour, a profitable movement with good gains for the bulls.
The latest appreciation, or bounce, of the price at the 0.7476 zone toward the 0.7507 area which is today’s major pivot point level, 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 30 level has greater chances to occur.
In the event where the pair escalates, the buyers could set their take profit target at 0.7555.
Alternatively, a bearish breakout below the 0.7476 zone could signal that the sellers may exert far greater pressures to force the price to lower areas such as the 0.7429.
- There are no any releases on the Australian dollar
- The Import Price Index (MoM) (Nov), the Export Price Index (MoM) (Nov), the Import Price Index (YoY) (Nov) and the Export Price Index (YoY) (Nov) releases are expected to have a medium influence on the U.S. dollar
· Probable trend (Bullish): 0.7507
· Bullish take profit target: 0.7555
· Stop loss target: 0.7476
· Alternative trend (Bearish): 0.7476
· Bearish take profit target: 0.7429