AUD/USD tested the upper boundary
Upside momentum continues to push the Aussie even higher against the US Dollar. By the early hours of Thursday’s trading session, the AUD/USD pair tested the upper a boundary of a dominant channel.
After reaching the 50.00% Fibonacci retracement level, the currency pair made a U-turn to re-test the weekly R1 at 0.7927. This retracement can be measured by connecting the January high at 0.8134 and the February low at 0.7761.
The bearish sentiment might be in play for the following trading session, however, the decline might be stopped by the 55– hour simple moving average.
After reaching the 50.00% Fibonacci retracement level, the currency pair made a U-turn to re-test the weekly R1 at 0.7927. This retracement can be measured by connecting the January high at 0.8134 and the February low at 0.7761.
The bearish sentiment might be in play for the following trading session, however, the decline might be stopped by the 55– hour simple moving average.
By the end of the European trading session, the AUD/USD pair was bouncing between SMAs. The 55– hour SMA was providing resistance at 0.7934 and the 100—hour SMA supported the rate at 0.7908.
A breakout is expected from the SMAs during the next 24 hours. First, if the currency pair moves past the 55—hour SMA, it could be heading for a re-test of the upper boundary of the trend-line. Second, If it moves past the 100—hour SMA, it will find support at weekly PP at 0.7891.