AUD/USD Back at Pivotal Resistance
Updated
Aussie has been testing this resistance zone for nearly six-weeks now at 6676/90 - a region defined by the 61.8% retracement of the December decline and the 100% extension of the April advance.
A breach / close above this threshold is needed to mark uptrend resumption towards the 78.6% retracement at 6762.
Support rests at 6579 with near-term bullish invalidation at the 200DMA (currently 6547).
Bottom line- a six-week range breakout is pending with the immediate focus on a reaction here off key resistance. Watch the weekly close.
Michael Boutros, Sr Technical Strategist with Forex.com
MBForex
A breach / close above this threshold is needed to mark uptrend resumption towards the 78.6% retracement at 6762.
Support rests at 6579 with near-term bullish invalidation at the 200DMA (currently 6547).
Bottom line- a six-week range breakout is pending with the immediate focus on a reaction here off key resistance. Watch the weekly close.
Michael Boutros, Sr Technical Strategist with Forex.com
MBForex
Trade active
The June opening-range is preserved into the close of the month- US core PCE on tap Friday. The focus remains on a breakout of the 6575-6690 range for guidance
Levels Unchanged. .
Michael Boutros, Sr Technical Strategist with Forex.com
MBForex
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