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The Aussie dollar was one of the best performers recently, as it was seen trading higher against the US dollar. The Reserve bank of Australia meeting minutes was one of the main catalysts for the pair. The meeting minutes helped the AUDUSD pair to gain traction after the Forex traders saw that as an opportunity to take it higher in the near term. There was a critical resistance around the 0.7750 level, which was cleared as well. The mentioned level might now act as a support for the pair if it moves lower from the current levels.
There is a crucial bullish trend line formed on the hourly chart of the AUDUSD pair, which managed to hold the downside in the near term. The pair blasted higher after the meeting minutes and also cleared the 200 hour simple moving average. There is a nice bullish candle forming as well on the hourly chart, which is signalling strength in the AUDUSD pair. If the pair moves lower from here, then initial support is around the 200 hour MA. However, the most important one can be seen around the 38.2% fib retracement level of the last leg from the 0.7643 low to 0.7793 high, which is sitting around the highlighted trend line. Moreover, the 100 hour MA is also aligned around the same area.
On the upside, initial resistance is around the last high of 0.7793. A break above the same might take it towards the 0.7820 level.
Overall, one might consider buying dips in the AUDUSD pair as long as it is trading above the 100 hour MA.