AUDUSD faces strong headwinds at 0.7470/0.7500 zone

Slobodan Drvenica Windsor Brokers

AUDUSD

The Aussie regained traction and retested recovery high at 0.7467 after Thursday’s trading ended in red on strong upside rejection.

Higher prices of metals support AUD, however, fresh rally faces strong headwinds at 0.7470 zone (Fibo 61.8% of 0.7554/0.7327 / 55SMA) and 0.7500 (Fibo 76.4% / weekly cloud top.

Risk of repeated rejection here comes from bearishly aligned daily studies, with the pair expected to spend some time in consolidation between 10SMA support (0.7397) and 0.7470 resistance.

Fresh direction will be established on break of either boundary.

Res: 0.7467; 0.7500; 0.7544; 0.7554
Sup: 0.7424; 0.7397; 0.7387; 0.7364

Interested in AUDUSD technicals? Check out the key levels

1. R3 0.7518
2. R2 0.7493
3. R1 0.7456
PP 0.7432
1. S1 0.7395
2. S2 0.7370
3. S3 0.7333

Author

Slobodan Drvenica

Windsor Brokers

Industry veteran with over 22 years’ experience, Slobodan Drvenica joined Windsor Brokers in 1995 when he was an active trader for more than 10 years, managing the trading desk and own account departments.

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