The Aussie sees potential for a higher bounce, says Charlie Burton, Founder of EzeeTrader, as he joins today’s Finance Show on Tip TV, to discuss the outlook for AUD/USD using different timeframes.
AUD/USD: Monthly chart
The monthly chart suggests the cross sees potential for a higher bounce, holding near the uptrend line and also above the declining channel, which offer a combined support, note Burton. He further believes that the pair could provide a good short-term risk-reward trade.
AUD/USD: Quarterly chart
AUD/USD is seen plotting a higher high and higher low on the charts. The pair did break below the 50DMA, but the moving average is seen sloping upwards suggesting some upside potential in the cross, says Burton.
AUD/USD: Weekly chart
Aussie holding better than the Euro, currently around 20DMA and holding on to that.
AUD/USD: Daily chart
AUD/USD is holding onto the 50DMA, and sees potential for a high risk-reward trade, notes Burton. He maintains an upside target around the 0.74 area.
