AUDUSD: Surge in the direction of resistance zone indicators bullish momentum

The AUDUSD pair has reached a brand new each day excessive and is at present buying and selling at its highest degree since July 27. The value has simply touched 0.6794, indicating a major upward momentum.

On the each day chart, this ascent brings the pair near an important resistance zone, which lies between 0.6805 and 0.6820. Inside this zone is the 61.8% Fibonacci retracement of the 2023 vary, a key degree derived from the decline from the excessive in February 2023. Surpassing this swing space and the Fibonacci degree would reinforce the bullish perspective from a technical standpoint.

Conversely, for merchants contemplating potential brief positions, this resistance zone provides a chance. The world round 0.6820 can be utilized as a benchmark for limiting danger, particularly for these seeking to capitalize on a reversal at these greater ranges.

Alternatively, a shift in market sentiment might be indicated by a transfer again under the 50% Fibonacci retracement degree, which is at present at 0.67134. Falling under this degree would sign elevated confidence amongst sellers and will recommend a change out there’s route.