AUD/USD holding above demand zone
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AUD/USD has been trading above the 200 SMA at H1 chart and it made a rebound above the demand zone established by our Fibonacci retracement between the 0.7884 and 0.7860 levels. As that rebound has been holding across the board, we’re expecting a rally continuation towards -23.6% at 0.7998, which should strengthen the bullish bias for several days more.
To the downside, if Aussie makes a breakout below 0.7860, it’s expected to see a decline towards 0.7806, which should also invalidate the bullish scenario. RSI indicator remains in the negative territory.
