AUD/USD: Support at SMAs and Fibonnacci

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AUD/USD: Support at SMAs and Fibonnacci

AUD/USD: Support at SMAs and Fibonnacci

On the hourly chart, we see that AUD/USD has retraced some of its gains back to the 50% Fibonacci retracement level following the spike on Friday. The 0.9375 area where the pair is currently trading now also coincides nicely with the SMA 100 and SMA 200.

A strong bullish close above the 200 SMA could hint at a continuation of the upside rally and we may soon see AUD/USD trade above the 0.9400 handle again.

To contact the reporter of this story: Jonathan Millet at john@forexminute.com.

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