AUDUSD rebounds off help and eyes key upside targets

The AUDUSD moved up sharply yesterday and within the course of prolonged above the low from February three at zero.60874 and the low from January 13 at zero.61306.

The momentum continued at the moment with the AUDUSD discovering sturdy shopping for curiosity at a well-recognized help zone between zero.61608 and zero.61779 — a key swing space that beforehand acted as a flooring a number of occasions since early January (see purple numbered circles). The worth initiall stalled at that space, however has prolonged greater within the early US buying and selling.. That space is now confirmed as help as soon as once more after the most recent bounce.

On the topside, consideration shifts to the 61.eight% retracement of the current drop, positioned at zero.6219, and the 100-bar shifting common on the Four-hour chart at zero.62302. Each symbolize essential technical hurdles that bulls must clear to increase the rebound.

A break above zero.62302 would open the door to additional upside momentum, whereas failure to breach resistance might see worth rotate again towards the zero.61779–zero.61608 help zone.

Key ranges:

• Help: zero.61608–zero.61779 (swing space)

• Resistance: zero.6219 (61.eight% Fib), zero.62302 (100-bar MA)

• Bias: Impartial-to-bullish above zero.61779, bullish affirmation above zero.62302

This text was written by Emma Wang at www.ubaidahsan.com.



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