AUD/USD: bullish view
By Mark Jensen
The daily Ichimoku Cloud has once again saved AUD/USD bulls as the pair found support at $0.9320. The bullish engulfing has formed and the 100-day MA (green line) is about to cross the 200-day one (orange line) to the upside. On the weekly chart AUD/USD is inside the Cloud and may continue moving up.
I believe that there are enough reasons to be bullish on the pair with target at $0.9500. The daily Cloud has thinned, so it may take some time before the break up, but support is solid at $0.9320 and as long as it stands the outlook remains bullish. Resistance is at $0.9439 and $0.9460. Support is $0.9380, $0.9350, $0.9320.
US dollar weakened because of the Federal Reserve’s dovish tone. There will be no news from Australia this week, so keep an eye on the US data. On Sunday we have Chinese flash HSBC PMI and it will surely make an impact. I think the data will provide ideas for short-term trades during the Asia session on Monday.
Chart. Daily AUD/USD