AUD/USD Downside capped by last weeks lows

AUD/USD Downside capped by last weeks lows

Key Support: 0.7720
Key Resistance: 0.7900

Long Term View
Bullish, extremely bullish. The Aussie is the one of the currencies that has outperformed the US Dollar since the pandemic back in March 2020. The rally we have seen since November is a massive 100 pip run (+14.5%).

1H Chart Analysis
The move from the highs is just a 330 pip move (-4.12%. The downside of this move is capped by the 0.7700 + 61.8% retracement of the the entire bullish move + last week´s lows.

The AUD is very strong today against the USD with the last 1H candle engulfing the last 9 candles, so a break of yesterday´s highs (this week´s highs) should prompt a bullish run  above the weekly pivot and the 0.7815 level (January 2020 highs).

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Author : Orlando Gutierrez

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