- Aussie posting new intraday highs while holding support at 0.7139
- MACD bullish signal in confluence with 61.8% Fibonacci level entices the bulls
- Buyers to be severely tested above the 0.7200
On Tuesday during the pre-London open hours, Aussie buyers took control and bided the pair to a new high for the week at 0.7186 – currently around 0.7170. The bulls managed to defend the 61.8% Fibonacci retracement level of its August 03/07 upside but they face a big challenge at the 100 Hall Moving Average.
Additionally, Aussie buyers have confirmation from the MACD indicator which turned bullish. Aussie’s repeated defense of the key Fibonacci level has resuscitated the bulls which can now attempt to regain the 0.7200 level.
On the upside, traders are eyeing 0.7215 followed by 0.724/45 before the buyers try to challenge 2019 high near 0.7300. At the same time, the bulls look vulnerable if a break below 0.7140 materializes, which can open the door for more selling pressure down to the 0.7100 level.
If sellers take control of the market they can be challenged near the batch of support levels between 0.7065 – 0.7060.