Technical Analysis – AUD/USD bounces back after recent decline
Posted on May 22, 2015 at 7:02 am GMTAUD/USD retraced half of the upmove from 0.7532 to 0.8162. Prices bounced back up after approaching the 50% Fibonacci retracement level at 0.7847 but stopped before resistance at 0.7937, which is the March 24 high. Prices have been clustering around the 38.2% Fibonacci at 0.7921. There is scope for more upside momentum towards 0.8013 and 0.8162 since the RSI has turned back up after a brief dip below 50. Also the kijun-sen line is pointing upwards and prices are above [..]