AUD/USD finding dynamic resistance

AUD/USD finding dynamic resistance

2019-11-11 • Updated

AUD/USD is off from March 30th highs following a strong dynamic resistance found in the 200 SMA at H1 chart. Such area act as a strong barrier for buyers, as it coincides with the Fibonacci level of 50% at 0.7699. After that move, Aussie scopes to break below 0.7642 in order to reach the Fibonacci zone of -23.6% at 0.7614, which should strengthen the bearish bias across the board. However, if the 0.7716 level gives up, the next target would be the 0.7756 level.

RSI indicator stays in the negative territory, favoring to the bears in the short-term.



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