The AUD/USD has completed an upward reversal / closed above key resistance which has generated a technical buy signal. A trend change has occurred in the AUD/USD. The technical outlook has turned positive. The expectation is for a further rally to occur from current levels. The minimum upside target / major subsequent resistance is located at 0.8200.
Interesting moves, such a tricky balancing act with the RBA. If China stimulus takes hold the short AUD could get flipped around very quickly
I agree from a pure tech perspective with the short-term trend is clearly higher. The pair has failed to close above the 79 handle on a number of occasions. A close above 0.7900 and above the 24 March high of 0.7938 would be positive and signal 0.8200 could come into play. I still think the RBA cut, so would be closing out of longs prior to the announcement and prefer NZD shorts in the short-term as McDermotts comments make the prospect of a dovish RBNZ very high
QMG clients were provided with an early technical alert on 27/4/15, when the AUD was trading at 0.7820, that the potential had emerged for a trend change in the AUD/USD. The break above the 0.7843 resistance barrier during the next trading session satisfied the criteria and activated a technical buy, and it was at that point the AUD technical trend turned positive.