Technical Analysis – AUDUSD improves off 23.6% Fibonacci level

AUDUSD’s bullish demeanour seems to be intact as the price has managed to rebound from the recent pullback around the 0.7375 level, that being the 23.6% Fibonacci retracement of the up leg from 0.7170 until 0.7439. The simple moving averages (SMAs) are exhibiting a bullish demeanour supporting the climb in the price.

The short-term oscillators are reflecting growing positive momentum in the pair. The MACD’s plunge below its red trigger line is slowing, while the RSI is progressing in the bullish territory. The stochastic oscillator is also promoting positive price action, as the %K line has crossed above its %D line and the 20 oversold level.

Pushing higher, preliminary upside obstructions could stem from the resistance border of 0.7425-0.7439. Successfully overstepping this key barrier, the 0.7454-0.7477 region could test buyers’ efforts to cement growing upside impetus. That said, if buyers muster a profound force to triumph over the 0.7484-0.7502 border from mid-July, the bulls may then propel the price towards the July 7 high of 0.7533.

If sellers retake control, the 23.6% Fibo of 0.7375 could come under pressure first. Should selling interest persist, the 50-period SMA at 0.7351 may hinder the decline ahead of the support zone between the 38.2% Fibo of 0.7336 and the 200-period SMA at 0.7321. Growing negative tendencies may then challenge the support border of 0.7287-0.7302, which a deeper bearish extension in the price could hit the 61.8% Fibo of 0.7272.

Summarizing, AUDUSD is exhibiting a bullish tone above the 23.6% Fibo of 0.7375. A break above 0.7477 could boost the positive picture, while a drop past the 0.7321 low could fuel negative powers.


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