Slobodan Drvenica
Windsor Brokers
The AUDUSD pair hit new one-week high at 0.7835 on Thursday, after fresh extension of recovery rally from 0.7732 low eventually broke into daily cloud.
Base of thick daily cloud limited upside attempts in past two days.
Aussie was boosted by weaker US dollar after Fed minutes and stronger copper price which hit one-month high today.
Close above daily cloud base would be bullish signal for further advance and test of next strong resistance at 0.7874 (Fibo 38.2% of 0.8102/0.7732 downleg / 04 Oct lower top).
The pair is currently riding on fourth, corrective wave of five-wave sequence from 0.8124 which should ideally end under 0.7900 (length of the wave 2) before broader bears resume.
Stronger bullish signal could be expected on extension and close above daily cloud top (0.7929), reinforced by daily Kijun-sen.
Res: 0.7835; 0.7874; 0.7900; 0.7929
Sup: 0.7818; 0.7803; 0.7782; 0.7770
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.
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