AUD/USD – Stuck at triangle resistance
Aussie is having a tough time chewing through the triangle resistance.
Despite the sharp rise today, bulls need to observe caution as we had a fake bullish triangle breakout in October. Furthermore, immediate resistance is lined up at 0.7740-0.7760 levels. Hence, only a daily close above 0.7760 would signal continuation the larger uptrend from January lows.
However, Aussie bulls could take heart from the fact that the 100-DMA is sloping upwards once again and more importantly.
Despite the sharp rise today, bulls need to observe caution as we had a fake bullish triangle breakout in October. Furthermore, immediate resistance is lined up at 0.7740-0.7760 levels. Hence, only a daily close above 0.7760 would signal continuation the larger uptrend from January lows.
However, Aussie bulls could take heart from the fact that the 100-DMA is sloping upwards once again and more importantly.
