AUDUSD has rebounded on the 23.6% Fibonacci retracement level of the upward move from 0.7254 to 0.7820 at 0.7688 after the selling interest from the 22-month high of 0.7820.
According to the technical indicators, the RSI is sloping up in the bearish zone, however, the MACD is hitting the zero level below its trigger line.
Should the pair manage to strengthen its positive momentum, the next resistance could come around the 40-period simple moving average (SMA) at 0.7735 before resting around the 20-period SMA at 0.7764. A break above these levels would take the pair until the 0.7800 psychological mark before meeting the 22-month high at 0.7820. Above this barrier, the 0.7920 resistance – taken from the peak on March 2018 – could come in the spotlight.
However, if prices are unable to hold above the 23.6% Fibonacci of 0.7688 in the next few sessions, the risk would shift back to the downside touching the 0.7640 support. If there is a drop below this line too, the 38.2% Fibonacci of 0.7607 could come next ahead of 0.7555.
Summarizing, in the medium-term timeframe, AUDUSD has been in a bullish tendency since November 2020, while in the very short-term, the recent bearish move may shift to the upside again as it holds above the Ichimoku cloud and the 23.6% Fibo of 0.7688.
Origin: XM
