AUD/USD Price Analysis: Bulls run into daily resistance, eyes on key supports

AUD/USD bears are in the market and eye the 38.2% Fibo.
Daily trendline supports are a focus on the downside.

Ross J Burland FXStreet

The Australian dollar has been running on its last gas into the close on Friday with the price at its highest in four months, after surging 1.3% overnight. It is set for a 2.2% weekly gain, the best since mid-November 2022, and way off its 2023 low of $0.6459 two weeks ago. Technically the price is now reaching a daily order block:

AUD/USD daily charts

At this juncture, there could be a sell-off and to target the depths of the 0.68s:

We have trendline supports to target as well.

The Fibonacci scale is also a focus in this regard with the 61.8% eyed in confluence with key support on the 4-hour chart:

AUD/USD H4 chart

That wick is vulnerable to be filled to test the 38.2% Fibo thereafter.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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