AUD/USD is still in an uptrend, but in the short-term we should expect a pullback towards the area of 0.7250-0.7230. A medium-term trend remains bullish as long as the price is above 0.7150.
Red line - support
The daily chart above shows the price above the Ichimoku cloud and above both the kijun- and tenkan-sen indicators. Support at 0.7150 is important one and bulls do not want to see this level broken. On the other hand, the stochastic oscillator is providing a bearish divergence signal, so a pullback towards 0.72 could be justified.
Short-term support is found at 0.7250-0.72. Now, it is not the time to be long, but it is preferred to wait to enter long at lower levels. Important short-term support is found at 0.7220. Resistance is seen at 0.7350.
The material has been provided by InstaForex Company - www.instaforex.comFor detail explanation and best discovery on daily market trends and news you may visit via AUDUSD technical analysis for December 7, 2015 . Thanks for your support.
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