The AUDUSD pair has reached a brand new every day excessive and is at present buying and selling at its highest stage since July 27. The value has simply touched 0.6794, indicating a big upward momentum.
On the every day chart, this ascent brings the pair near a vital resistance zone, which lies between 0.6805 and 0.6820. Within this zone is the 61.8% Fibonacci retracement of the 2023 vary, a key stage derived from the decline from the excessive in February 2023. Surpassing this swing space and the Fibonacci stage would reinforce the bullish perspective from a technical standpoint.
Conversely, for merchants contemplating potential brief positions, this resistance zone provides a chance. The space round 0.6820 can be utilized as a benchmark for limiting danger, particularly for these seeking to capitalize on a reversal at these increased ranges.
On the opposite hand, a shift in market sentiment could possibly be indicated by a transfer again under the 50% Fibonacci retracement stage, which is at present at 0.67134. Falling under this stage would sign elevated confidence amongst sellers and will recommend a change out there’s path.
The post AUDUSD: Surge towards resistance zone signals bullish momentum appeared first on FOREX IN WORLD.
