Will the bulls lead the AUDUSD at 0.7490?
The bullish pressures on the AUDUSD got more tensed since the 24th of November 2016 where the price climbed from 0.7363 to 0.7490.
The buyers took control of the pair by 100 plus pips to their favour, a profitable movement with good gains for the bulls.
The latest stabilization of the price close to the 0.7490 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 70 level has greater chances to occur.
In the event where the pair escalates, the buyers could set their take profit target at 0.7567.
Alternatively, a bearish breakout below the 0.7440 zone could signal that the sellers may exert far greater pressures to force the price to lower areas such as the 0.7363.
- There are no any releases on the Australian dollar
- The Dallas Fed Manufacturing Business Index (Nov) release is expected to have a medium influence on the U.S. dollar
· Probable trend (Bullish): 0.7490
· Bullish take profit target: 0.7567
· Stop loss target: 0.7440
· Alternative trend (Bearish): 0.7440
· Bearish take profit target: 0.7363