AUDUSD – fresh bulls test pivot at 0.7383; further upside likely while Kijun-sen support is holding

Slobodan Drvenica Windsor Brokers

AUD/USD

Aussie dollar extends yesterday’s rally and is testing strong resistance at 0.7383 (Fibo 61.8% of 0.7523/0.7158 downleg), after fresh bulls broke above initial barrier at 0.7340 (daily Kijun-sen).

Daily studies are gaining traction and support further recovery. Break above 0.7383 barrier which is holding for now, would open next hurdle at 0.7394 (Fibo 38.2% of larger 0.7776/0.7158 descend) and 0.7424 (falling 55SMA in extension.

Look for consolidation above broken Kijun-sen line (0.7340), before bulls resume.

Conversely return below 0.7340 would weaken n/t structure and signal false break above three-day congestion.

Res: 0.7383; 0.7394; 0.7424; 0.7436
Sup: 0.7340; 0.7323; 0.7286; 0.7258

Interested in AUDUSD technicals? Check out the key levels

1. R3 0.7349
2. R2 0.7332
3. R1 0.7321
PP 0.7304
1. S1 0.7294
2. S2 0.7277
3. S3 0.7266

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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