Predicting that the AUD/USD will see a reversal from the long term downtrend and return to trading above 0.80 for the foreseeable future. A daily breakout from 0.775 occurred earlier in the week saw prices test the 0.80 level which offered predictable resistance.
A 50% retracement of the week's earlier upwards movement is now complete and price is at a strong support level. Next serious resistance will be faced in the 0.825 range which is the current level of the 233 day EMA as well as the 38.2 retracement level from the years major downtrend.
A 50% retracement of the week's earlier upwards movement is now complete and price is at a strong support level. Next serious resistance will be faced in the 0.825 range which is the current level of the 233 day EMA as well as the 38.2 retracement level from the years major downtrend.