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3/10/2016 3:50:14 AM

AUDUSD attacks an important resistance - Technical Analysis - 10-03-2016

AUDUSD returned higher in the intraday levels, carried by a rising correctional wave in the short term as shown in the attached chart, with the pair attacking the important resistance of 0.7495, representing the ratio 50% of Fibonacci retracement levels for a descending wave in the long term (from 0.8163 to 0.6826), while noting an influx of negative signals from relative power indicators as a way to vent off the overbought saturation apparent in relative power indicators like the Stochastic as shown below the attached chart.

Therefore we expect more gains to come for the pair, provided it can breach the resistance of 0.7495, targeting thereafter the resistance of 0.7652, representing the ratio 61.8% of the same retracement levels mentioned earlier.



Trend Bullish