The Aussie benefited from weaker dollar and hawkish RBA minutes and rallied strongly on Tuesday, resuming strong rally of last week which took a breather on Monday.
Fresh bullish acceleration took out pivotal barrier at 0.7848 (Fibo 38.2% of 0.9503/0.6825 descend) and extended above round-figure barrier at 0.7900, riding on extended third wave of five-wave cycle from 0.7535 (23 June low).
The wave eyes its 200% Fibonacci expansion at 0.7933 and could extend to psychological 0.8000 barrier (also FE 238.2%).
However, corrective easing could be anticipated in the near-term as daily studies are overbought, but without firmer bearish signal so far.
Higher base at 0.7790 zone (Tue / Mon lows) offer solid support.
Res: 0.7933; 0.8000; 0.8044; 0.8114
Sup: 0.7848; 0.7790; 0.7749; 0.7712
Interested in AUDUSD technicals? Check out the key levels
- R3 0.7842
- R2 0.7837
- R1 0.7831
- PP 0.7826
- S1 0.7819
- S2 0.7814
- S3 0.7807
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.