- An establishment above 38.2% Fibo retracement and 200-EMA bolsters a bullish reversal structure.
- The RSI (14) has shifted right into a bullish selection of 60.00-80.00 which indicates a sheer upside momentum.
- A bull cross, represented by 20-and 200 EMAs increases the upside filters.
The AUD/USD pair is oscillating in a narrow selection of 0.6955-0.6966 in the first London session following a downside move from an intraday high near 0.6980. The asset has witnessed a steep fall after failing woefully to sustain above Fridays high at 0.6977. However, the upside trend have not rejected yet.
On a four-hour scale, the asset has comfortably established above the 38.2% Fibonacci retracement (that is placed from June 3 high at 0.7283 to July 14 low at 0.6680) at 0.6920. The major has didn’t kiss the 50% Fibo retracement for the next time, that is placed at 0.6984.
Also, an establishment above the 200-period Exponential Moving Average (EMA) at 0.6900, increases the upside filters. A bull cross, represented by the 20-and 200-EMAs at 0.6903 indicates more gains ahead.
In addition, the Relative Strength Index (RSI) (14) has shifted in to the bullish selection of 60.00-80.00, which indicates the continuation of a bullish momentum ahead.
If the asset oversteps Mondays high at 0.6965, aussie bulls will drive the asset towards the psychological resistance at 0.7000. A breach of the latter will infuse fresh blood and the asset may record a higher of June 16 high at 0.7069.
On the other hand, a steep fall below the round-level support of 0.6800 will fortify the greenback bulls. This might decline the pair towards July 13 low at 0.6724, accompanied by July 14 low at 0.6680.
AUD/USD four-hour chart
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