Participant

The AUD looks like it’s getting ready to reverse its downward trend against the US dollar. The day chart today’s price action looks set to close above the 38.2 Fibonacci retracement line at 0.78128, This should lead price action to test the 50% retracement line at 0.78811 where it should meet strong resistance as it is also in the Ichimoku cloud. The 4HR candle chart shows how the previous candle broke and close above the 38.2 line and the current candle is finding support on the same line. Stochastic Oscillator and DMI/ADX on both time frames are showing increasing momentum on the upside, I would expect this to continue its retracement over the next sessions to eventually test strong resistance at the 61.8% retracement line at 0.79463 which is also close to the top side of the Ichimoku cloud.

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