AUD/USD technicals and trade setup

FX:AUDUSD   澳元/美元
217 0
Technical glimpse:

AUD/USD hasn't been able to to break resistance at 0.7650 levels quite often in recent times (see weekly charts for inability to take the rallies above 0.7650 from last 2-3 weeks).

As a result, last week we've seen the price drops to slip below 7DMA.

But for now,  we think since it is struggling to break above this level despite yesterday's massive gains, bulls seems to be losing buying interest again at this stage.

Yesterday's gains were only due to Fed chair Yellen's dovish comments.

A decisive break out above these levels on a closing basis would likely extend upswings in days to come, else bearish sentiments to resume.

The failure swings have collapsed to the support at 0.7421 several times in the recent past as well.

Rallies drifting in sideways as leading oscillators diverge to previous rallies, further upswings dependent on breach of stiff resistance 0.7650.

Stochastic and RSI on both daily and weekly noise with divergence to the recent rallies, and stochastic on weekly oscillating in overbought territory to signal selling pressures.

MACD has just evidenced the bearish crossover that indicates the upswings may lose momentum or bear swings may resume back again.

Trading Tips:

On speculative basis, one can use tunnel spreads with ITM strikes of 30-40 pips above and OTM strikes 20 pips for targets of 35-40 in between pips with ease. Considering above technical rationale the intraday trend may favour further upswings, having said that the little weakness is also foreseen as it reaches this level. But, upon breach of above stated resistance level would bring in more strength in this pair.

Therefore, the binary version of an option spreads would be formed of an In-the-money 0.75 delta call below the current exchange rate less an Out-Of-The-Money call above the exchange rate.
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