AUD/USD Found support at 61.8% Fibo

AUD/USD performed excellent today and marked daily high at 0.7773, escaping from the bottoms during the last two weeks. Currently the pair is trading at 0.7756, having slightly pulled back due to the influence of geopolitical tensions that drove oil and gold higher.

Also the FOMC minutes supported the downward slope, but the pair found support at 61.8% Fibonacci retracement of latest November 2017 to January 2018 bullish run at 0.7745.

Technically speaking the short term outlook remains truly neutral. On the four hour time frame the price is developing above its moving averages, having bullish 20-day SMA and flat 100-day and 200-day SMAs. RSI and stochastic are showing overbought conditions, but both are losing directional strength.

Until the pair holds above 0.7740, the sentiments will remain in favour of the upside with bulls aiming towards next Fibonacci resistance at 0.7820. The downside is supported by 0.7740 and lower at 0.7700.