Australian Dollar's retreat from 1.0790 bottomed yesterday at 1.0520 low and the pair has bounced up strongly on Wednesday, favoured by higher Gold prices, reaching day highs at 1.0695, the 61.8% Fibonacci retracement level of Jul 8-12 decline.
Immediate resistance, thus, lies at the mentioned 1.0695 (Fib retracement level), and above here, 1.0725/35 (Jul 11 highs) and 1.0790 (Jul 11 highs). On the downside, support levels are 1.0655 (intra-day level), and below here, 1.0580 (day low) and 1.0525 (jul 12 low).
Technical indicators show increasing bullish momentum in 4 hour charts, according to Valeria Bednarik, analyst at FXstreet: " 4 hours chart shows an increasing bullish momentum, with current candle opening just above a still bearish 20 SMA, while indicators approach downside up to their midlines."
No comments:
Post a Comment