The Australian Dollar started the week well against the US Dollar with a close of the London trading session well above its 23.6% retracement line. Next resistance level at the 38.2% retracement line at 0.78128 which looks fairly likely to be tested during this week. Should that level be broken then the next resistance is at the lower side of the Ichimoku cloud on the day chart which is also backed by the 50% line being fairly close.
The weekly chart shows the bullish formation of an upside down hammer 2 weeks ago, with confirmation of change of direction with last week’s candle being green and more than half way higher than the length of the previous week’s high low distance. The weekly chart shows a lot of distance from its ichimoku cloud, I see any negative data from the US really giving this pair a big push back up to retrace and touch the 50% line.