AUD/USD edges lower after hitting session highs at 0.7283, bulls struggling to extend gains, pair currently trades at 0.7265
Narrow range on the day amid holiday-thinned trades, rally from 0.7097 lows (Dec 17) stalls at 0.7283 levels
0.7275-0.7283 is strong resistance zone, 0.7275 61.8% Fib of 0.7386-0.7097 fall, and 0.7283 is a double top (Dec 15th & Nov 25th)
AUD/USD bias is definitely lower, Stochs on 4-hourlies show bearish crossover from overbought levels, RSI points south
Immediate resistance is located at 0.7283 (session high Dec 28) ahead of 0.7296 (Oct 23rd high), while support on the downside is seen at 0.7226 (Dec 24th low)
We would sell rallies around 0.7265 levels, SL: 0.73, TP1: 0.7225, TP2: 0.72
Narrow range on the day amid holiday-thinned trades, rally from 0.7097 lows (Dec 17) stalls at 0.7283 levels
0.7275-0.7283 is strong resistance zone, 0.7275 61.8% Fib of 0.7386-0.7097 fall, and 0.7283 is a double top (Dec 15th & Nov 25th)
AUD/USD bias is definitely lower, Stochs on 4-hourlies show bearish crossover from overbought levels, RSI points south
Immediate resistance is located at 0.7283 (session high Dec 28) ahead of 0.7296 (Oct 23rd high), while support on the downside is seen at 0.7226 (Dec 24th low)
We would sell rallies around 0.7265 levels, SL: 0.73, TP1: 0.7225, TP2: 0.72
