The Australian dollar continues its upward trend recovering from yesterday’s losses. Now it is negotiating above the moving average of 200 periods, but it was unable to break the maximum done on 5 July at 1.0327.
In respect of the upward force, which is accompanying the pair, it is likely to continue rising to 1.04. If you have a buy positions please use the trailing stop.
Moreover, taking into account economic slowdown in China, the biggest Australian exporter, the bullish outlook has changed, so only a close below 1.0275 or below 200 period moving average (blue) recommend selling, with targets 1.0120 and 0.9877.
The trend indicator is overbought and showing the signs of an upward force depletion.
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