There' a "V-Top" pattern, so the pair is likely going to test the closest support at 1.3996 - 1.3979. Meanwhile, if a pullback...
AUD/USD holding above demand zone
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.
We've got a bearish "High Wave", which has strong confirmation. In this case, the price is likely going to decline.
Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…
The 144 Moving Average has acted as support, but there's a bearish "Engulfing' at the local high.