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AUDUSD rebounds towards a cluster of resistance

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Rebounds off the lowest level for the year (and lowest level going back to December 2020)

The AUDUSD traded to a new 2021 year a low at 0.74435 soon after the jobs report, but quickly rebounded higher. In the process, the price has moved above a trend line trendline (currently at 0.7477), and also above a swing area going back to June 18/June 21, and yesterday at 0.74761. The current price is moving to test the 0.7500 level (currently at 0.7498).

Rebounds off the lowest level for the year (and lowest level going back to December 2020)

A move above 0.7500 would next target a cluster of resistance between 0.7506 and 0.75121. That resistance target includes:

  • The 100 hour moving average at 0.7508
  • The 38.2% retracement of the move down from the June 25 high at 0.75094
  • A swing area between 0.7506 and 0.75121

A move above that area is needed to increase the bullish bias. Failure to do that and the rebound off the 2021 low is a plain-vanilla correction.  

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