AUD/USD on its way to reach new highs

AUD/USD on its way to reach new highs

2019-11-11 • Updated

AUD/USD has been trading in a rebound made from the 200 SMA at H1 chart, which is helping to strengthen the bullish bias across the board and put the pair in the scenario to reach the Fibonacci zone of -23.6% at 0.7640, once it breaks above the highs from May 22. However, we cannot discard the idea of a possible leg lower to test the lows from May 18th around 0.7485. If a breakout happens below there, then we might expect a decline to test the 0.7445 level.

RSI indicator remains in the positive territory, favoring to the bulls in the short-term.

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