1:15 AM (EST) Update: The Aussie dollar dancing against US dollar (AUD/USD) is back above the Ichimoku cloud and confirmed above 23% Fibonacci.
AUD/USD Daily: Testing Pivot Level at 23% Fibonacci 0.7982
Forex Trading idea: If the pair can’t break below the 23% Fibonacci we can expect another wave of up moves towards 38% Fibonacci at 0.8245
Technical Analysis: The Australian dollar dancing against US dollar (AUD/USD) is back above the Ichimoku cloud and confirmed above 23% Fibonacci. However currently it is facing a pullback forming a spinning top right at this key resistance-turned-support level. While it could be temporary, we are expecting more rallies from Australian dollar towards the 38% Fibonacci. The RSI remains flat below the oversold zone.
Alternative Scenario: Below 0.7731 look for a reversal back to the 0.75 level
Where to set your stops and limits:
| Support Levels | Turning Point | Resistance Levels |
|---|---|---|
| 0.76 | 0.7980 | 0.8150 |
| 0.75 | 0.7731 | 0.8245 |
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