AUDUSD Analysis: Signs of Bullish Resurgence
Solid ECN Blog — The AUDUSD formed a long-wick candlestick pattern during Friday's trading session. As of this writing, the price tested the 38.2% Fibonacci support and is trading at about 0.661. Interestingly, the Awesome Oscillator has flipped above the signal line on the daily chart, which can be interpreted as a sign that the bull market may resume.
From a technical standpoint, the 0.6594 level supports the bull market. As long as the price remains above it, the next bullish target could be the 61.8% Fibonacci resistance at the 0.6703 mark.
Conversely, if the price dips below the 38.2% level, the decline could extend to the EMA 50, followed by the 23.6% level.