AUDUSD technical analysis for December 2, 2015

The AUD/USD pair is moving in a strong uptrend having broken through the resistance level at 0.73. It can reach 0.74 in the short term. There is a bullish flag pattern breakout that justifies the continuation of the uptrend.

Blue lines - bullish flag

AUSD/USD has broken above the bullish flag pattern. The next short-term resistance is seen at 0.7350 which is the next resistance before 0.74. The price continues to trade above the Ichimoku cloud and above the kijun- and tenkan-sen indicators. Support is found at 0.73.

Blue line - resistance (broken)

Red line - support

The daily chart is bullish as the price has broken above the Ichimoku cloud. The only warning we got is from the stochastic indicator that has entered overbought levels. Bulls should now be cautious raising their stops to 0.73 as a pullback towards 0.72 is possible.

The material has been provided by InstaForex Company - www.instaforex.com