July 10 , 2018
On the daily chart we can see that overall stock was making successively lower lows and lower highs but after making a low of 80.49 level it could not sustain and we have seen counter attack from bull’s campaign. Well pair is still hovering between the range of 80.49 to 84.15 level in short term. Traders are making smart profit from this anticipated move as pair is getting bounce from the support line and falling down from this resistance line.
One more thing we can observe from technical point of view a small rounding bottom pattern has been formed on the daily chart which is generating bullish signal. Three white soldier candlestick pattern in which three consecutive bullish marabuzo has been posted on the daily chart which is generating purely bullish signal. Intraday bias remains bullish on the pair and we will get further bullish confirmation once pair trade and settles above 84.43 level in short term, then only we may say that trend has been shifted from downward to upward. Presently pair is trading above the moving average lines.
Fundamentally, on Wednesday we will be seeing Investment Lending and Home Loans data early at 01:30 GMT, and May Home Loans are expected to decline from -1.4% to -1.9%. The housing market in Australia continues to be a drag on growth, and the Reserve Bank of Australia (RBA) continues to be perplexed by their inability to correct the tilt of Australia’s economy.
A bullish crossover on MACD indicator is favoring the bulls and providing trend reversal signal for the time being and RSI is also providing bullish signal from positive territory. The 0.8500 level is immediate resistance level followed by 0.8570 whereas 0.8115 level is strong key support level followed by 0.8040 level.
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