AUDUSD Stalls at 50% Fibonacci Retracement
AUDUSD trades higher for ninth consecutive session adding 0.08% at 0.6870 close to 2-month highs on improved sentiment after positive developments in US-China trade war.
AUDUSD trades above the 50-day moving average (0.6854) for the third day, but the price has stalled at 50% Fibonacci retracement of the drop from July highs at 0.7081 to August lows of 0.6680. The short term technical outlook is bullish. AUDUSD needs a convincing break above that might push prices up to 0.6902 the 100-day moving average. On the downside, first support for AUDUSD stands at 0.6858 today’s low, then at 0.6806 the low from September 6th, more bids will emerge at 0.6738 the lower band of the August consolidation area (green rectangular in the chart), which if breached will open the way for a visit down to 0.6688 the low from August 26th.