Near-term bears are taking a breather

16 August, 2017

The Aussie bounced on Wednesday after repeated failure to clear support at 0.7818 (50% retracement of 0.7571/0.8065 upleg), as near-term bears off 0.8065 peak are taking a breather.

Recovery is so far holding below initial resistance at 0.7877 (Tuesday’s high / broken Fibo 38.2%) with thickening 4-hr cloud (spanned between 0.7900 and 0.7949) weighing on near-term action and seen capping extended upticks.

Renewed attempts lower require close below 0.7818 handle to open way for extension towards 0.7760 (Fibo 61.8% of 0.7572/0.8065).

Conversely, sustained break above 4-hr cloud will generate initial signal of higher low at 0.7807 (Tuesday’s low) and would trigger further retracement of pullback from 0.8065.


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