Earlier today the Aussie dropped to its lowest level
in six days, but found support at 61.8% Fibonacci retracement latest November
to January bullish run at 0.7743.After bottoming exactly at this level AUD/USD
bounced and reached a fresh 4-day high at 0.7795 just for few hours.
The short term outlook remains neutral to bullish. On
the four hour time frame the price is developing its moving averages, all of
them keeping flat stance. RSI and stochastic are showing strong bullish
momentum and both are located slightly above their mid-lines.
The upside remains capped by the psychological 0.7800
mark, which was tested last week although bulls couldn’t fight it. Should the
pair succeed to break this level, next resistance is provided by the 50% Fibo
of above mentioned retracement at 0.7820. On the flip side, immediate support is
provided by the 20-day SMA at 0.7770. In case Aussie close below this area,
bears would meet again with the 61.8% Fibo at 0.7745.
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