Commodities currencies are best performers this Monday along
with Aussie extending up to 0.7488, highest level seen since May 3rd.
It’s an important level to consider as staying slightly below 0.7500 and
it’s an area defined by 38.2% Fibonacci retracement of latest March to May
decline together with the upper line of descending trend line.
The immediate upside momentum is seized by the this
threshold. Temporary support is lying at the overnight lows having
in mind possible close below 0.7385, that would put back the downtrend on the table.
Aussie
is approaching key resistance
confluence and we should focus on the 0.7429 – 0.7490 range, but upside is
capped by the 61.8% Fibonacci retracement at 0.7589 of above mentioned decline.
The economic calendar has nothing to offer during the
upcoming session, but the positive momentum in equities and commodities will
possibly drive Aussie gains.
However, the we should focus
on the structural resistance that is heading towards 0.7500 mark
ans in case of breach, there would be more meaningful breakout in the
pair.
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