AUD/USD Fibo Resistance Inside of Yearly High
AUD/USD has been one of the more responsive pairs for themes of USD-weakness since the August 5th spike.
That low from early-August was a bounce point for v-shaped reversal, which pushed price up to a major level at .6824 that held the highs. The pullback from that resistance was a clean 38.2% retracement of the move, which held the lows and propelled another bullish drive in the pair as price went right back up to .6824.
That .6824 level is a big spot as this is the 23.6% retracement of the 2011-2020 major move in the pair.
It's back-in as resistance this week and despite the pair having set a fresh yearly high, bulls have slowed down over the past two days with this price in-play, making for a difficult spot to chase.
The question now is whether a pullback can hold a higher-low and there's a couple spots of interest for such, such as the .6780 level, or the .6664 level.
For resistance, there's one clear spot overhead and that's the current yearly high at .6871. - js
That low from early-August was a bounce point for v-shaped reversal, which pushed price up to a major level at .6824 that held the highs. The pullback from that resistance was a clean 38.2% retracement of the move, which held the lows and propelled another bullish drive in the pair as price went right back up to .6824.
That .6824 level is a big spot as this is the 23.6% retracement of the 2011-2020 major move in the pair.
It's back-in as resistance this week and despite the pair having set a fresh yearly high, bulls have slowed down over the past two days with this price in-play, making for a difficult spot to chase.
The question now is whether a pullback can hold a higher-low and there's a couple spots of interest for such, such as the .6780 level, or the .6664 level.
For resistance, there's one clear spot overhead and that's the current yearly high at .6871. - js
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