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AUD/USD Technical Analysis: Repeated bounces off 50% Fibo. can recall 0.7140 as a quote
- The AUD/USD pair trades near 0.7100 while heading towards Friday’s European session.
- The pair has been falling short to decline beneath 50% Fibonacci retracement of its December 2018 – January 2019 drop, which in turn signal brighter chance of its pullback to 0.7120 immediate resistance.
- Should prices manage to clear 0.7120, 61.8% Fibonacci retracement level of 0.7140 and 0.7160 comprising 100-day simple moving average (SMA) could gain market attention.
- Additionally, pair’s sustained trading past-0.7160 enables it to aim for 0.7200 mark ahead of targeting the 200-day SMA level of 0.7210.
- On the contrary, pair’s dip beneath 0.7055 nearby support could recall 0.7030 and 0.7000 on the chart.
- However, 38.2% Fibonacci retracement near 0.6980 could limit the pair’s declines under 0.7000, if not then 0.6910 and 0.6830 might come to market’s focus.
Author
Anil Panchal
FXStreet
Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.
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