AUD/USD Daily Resistance And Fundamentally Overview

Weekly Time frame:
AUD/USD bulls remain bound for prime resistance at $0.7849-0.7599, on track to forge a fifth consecutive week in the green since departing from prime support from $0.6968-0.7242 at the end of September.

Trend studies on the weekly scale show we’ve been higher since early 2020. Consequently, the response from $0.6968-0.7242 might be the start of a dip-buying attempt to join the current uptrend, perhaps eventually overrunning $0.6968-0.7242 and challenging the yearly top at $0.8007.


Daily Time frame:
Resistance between $0.7621 and $0.7551—made up of a Quasimodo support-turned resistance at $0.7621, the 200-day simple moving average at $0.7557, as well as a 61.8% Fibonacci retrenchment at $0.7585 and a 100% Fibonacci projection at $0.7551—made an entrance on Thursday. Interestingly, noted resistance is fastened to the lower boundary of weekly prime resistance mentioned above at $0.7849-0.7599.

A nearby decision point is seen at $0.7585-0.7567, which happens to sit within the walls of daily resistance mentioned above at $0.7621-0.7551.

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