AUD/USD – flirting with confluence of resistance
Pair’s rebound from 100-DMA support last week if followed by a failure to cut through/hold above 0.7606 (rising trend line coming from May 30 low and July 27 low + weekly 5-MA + weekly 50-MA of 0.7588) would signal a fresh drop to 0.7349 (weekly 50-MA).
Note the multiple weekly candles with long upper shadows. Those add credence to the bearish view mentioned above.
On the higher side, only a day end close above 0.7835 would signal onset of fresh rally towards 0.80 handle.
Note the multiple weekly candles with long upper shadows. Those add credence to the bearish view mentioned above.
On the higher side, only a day end close above 0.7835 would signal onset of fresh rally towards 0.80 handle.
