AUDUSD Pushing Past Barriers.

16 Feb 2018

The Aussie has been surprisingly strong going into this week with only US fundamentals giving it a stir recently. After bouncing off the new support @ .7777 we have since smashed through 3 Fibonacci levels. Also breaching a major daily resistance @ .7868 level. For this pair to continue to push higher a break of the 78.6% fib to establish a bullish overarching trend. Current target area is .800 level with a retest of the .791 as an outside return before bullishly moving to the upside. A favored position could be to enter at the retest of the .791 level but could push lower back to major support @ .7868. A breach of these levels could invalidate the bull bias and continue forming lower highs & lows. If the pair continues with its current momentum by the end of the month we could meet our targets met and a new structure high could potentially be formed.

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