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Australian Dollar - Bullish but approaching stiff resistance.

by Tim Straiton
Wednesday 10th February 2021

Current price of AUS/USD is 0.7723 and trading above the weekly pivot point of 0.7637 and 6.5% above the rising 40 week moving average at 0.7194. The Aussie has again shyed away from the upper weekly Bollinger band and finds itself in a phase of consolidation around the Fibonacci 61.8% retracement level of 0.7719 from the high, based on the entire 1.0988 - 0.5699 range going back to April 2011.

Considerable resistance is to be found at 0.8109 which is the previous high made in January 2018 and thereafter at 0.8344 which is the Fibonacci 50% retracement level of the above-mentioned range. A clear break of these two levels would put focus on 0.90. A break below the 0.70 level would signal the exhaustion of the current bullish technical environment.


 

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