Range Markets

  • AUD/USD refreshes intraday high while bouncing off 0.7139.
  • Bullish MACD, recovery from 61.8% Fibonacci retracement favor buyers.
  • Multiple upside resistances to challenge the bulls past-0.7200.

AUD/USD stays well bid while refreshing the intraday high to 0.7186, currently around 0.7183, during the pre-European session on Tuesday. The aussie pair recently bounced off 61.8% Fibonacci retracement of its August 03/07 upside. However, the bulls are jostling with 100-HMA to mark further upside.

With the bullish MACD signals joining the pair’s repeated bounces off the key Fibonacci retracement level, the pair buyers are likely to cross the immediate resistance around 0.7188 and regain 0.7200 mark during the further rise.

Though, 0.7215 and the monthly high near 0.7240/45 can challenge the bulls before pushing them to the year 2019 top surrounding 0.7300.

Meanwhile, a downside break of 0.7140 comprising 61.8% of Fibonacci retracement, could recall 0.7100 round-figures on the chart.

In a case where the bears dominate past-0.7100, a confluence of July 24 low and June 10 high near 0.7065/60 could restrict the pair’s additional weakness.


Trend: Bullish

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