Range Markets

  • AUD/USD picks up the bids, refreshes intraday high.
  • Confluence of weekly resistance line, 61.8% of Fibonacci retracement adds to the upside barrier.
  • Sellers await break of 0.7515 for fresh entries.

AUD/USD extends U-turn from 0.7516 towards refreshing the intraday top near 0.7555, up 0.38% on a day, ahead of Wednesday’s European session. In doing so, the quote eyes the biggest daily gains in four days.

Considering the pair’s sustained bounce off multiple lows marked since late-Tuesday, coupled with the bullish MACD, AUD/USD buyers are targeting a 200-HMA level of 0.7562 during the further upside.

However, a falling trend line from last Friday and 61.8% Fibonacci retracement of the December 17-21 downturn, around 0.7575, will challenge the bulls afterward.

Meanwhile, the immediate horizontal support near 0.7515 and the 0.7500 round-figure can test the intraday sellers of AUD/USD. Though, any further downside past-0.7500 will probe the monthly bottom surrounding 0.7460.

It should be noted that a clear downside break of 0.7460 will highlight the August peak close to 0.7415.


Trend: Pullback expected

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