Technical Analysis – AUDUSD bulls flirt with long-term SMA after two years
Posted on August 13, 2020 at 2:34 pm GMTAUDUSD has been flirting with the 200-weekly simple moving average (SMA) around 0.7240 for the past fortnight while struggling to surpass the 61.8% Fibonacci of the 0.8135-0.5701 downtrend at the same time. The last time the price touched the long-term SMA was in 2018. The pair violated the 2018 downward pattern and increased the odds for further recovery after crossing above the previous high of 0.7030 and jumping out of the Ichimoku cloud. A bullish cross between the 20- and 50-weekly SMAs [..]