AUD/USD Price Analysis: Bulls test bearish commitments near 21-DMA
|- AUD/USD shoots to test the 0.73 area and the 61.8% Fibo.
- 21-day MA and prior support may hold up the progress near 0.7320.
AUD/USD has shot up to fill in the prior day's wick to a 61.8% Fibonacci retracement target and now faces a wall of resistance.
The following illustrates the market structure and a probable path for the pair in the coming days.
AUD/USD daily chart
AUD/USD has rallied to test the 0.73 areas in a strong bullish impulse on Thursday. However, the 0.7320 resistance could be a tough nut to crack with it being reinforced by the 21-day moving average and the summer support looking left. Failures below the 21 or the 50-day moving averages would likely lead to a downside continuation for the coming days.
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