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Home Economy

AUDUSD: Surge towards resistance zone signals bullish momentum

by Tradinghow
December 21, 2023
in Economy, Stock Trading
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AUDUSD: Surge towards resistance zone signals bullish momentum
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https://primexbt.investments/start_trading/?cxd=459_549985&pid=459&promo=[afp7]&type=IB https://primexbt.investments/start_trading/?cxd=459_549985&pid=459&promo=[afp7]&type=IB https://primexbt.investments/start_trading/?cxd=459_549985&pid=459&promo=[afp7]&type=IB


AUDUSD heads toward target swing area

The AUDUSD pair has reached a new daily high and is currently trading at its highest level since July 27. The price has just touched 0.6794, indicating a significant upward momentum.

On the daily chart, this ascent brings the pair close to a crucial resistance zone, which lies between 0.6805 and 0.6820. Within this zone is the 61.8% Fibonacci retracement of the 2023 range, a key level derived from the decline from the high in February 2023. Surpassing this swing area and the Fibonacci level would reinforce the bullish perspective from a technical standpoint.

Conversely, for traders considering potential short positions, this resistance zone offers an opportunity. The area around 0.6820 can be used as a benchmark for limiting risk, especially for those looking to capitalize on a reversal at these higher levels.

On the other hand, a shift in market sentiment could be indicated by a move back below the 50% Fibonacci retracement level, which is currently at 0.67134. Falling below this level would signal increased confidence among sellers and could suggest a change in the market’s direction.



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