FXstreet.com (Barcelona) - Australian Dollar has bounced during the European session so far and from 0.8320 low, the pair has bounced to 0.8380 area, getting back all the ground lost during Asian session, and approaching the 61.80% retracement of the Aug 10 - 11 decline.
According to the E-Forex Team, the pair should break above 0.8400 to re-establish uptrend: "A recovery is underway after reaching the downtrend trend line into the .8315/20 region but a break above .8400 is needed to re-establish uptrend and regain strength, aiming higher towards key long-term resistance around .8700."
Furthermore, the E-Forex Team affirms that upside is favoured while 0.8250 holds: "Upside is likely to remain favored within the coming days, if .8250 holds. Intra-day sentiment is negative but may turn positive on a potential break above .8375/00."
AUD/USD (Aug 11 at 08:34 GMT)
H 0.839 L 0.8317
| S3 | S2 | S1 | R1 | R2 | R3 |
| 0.8339 | 0.8360 | 0.8380 | 0.8392 | 0.8413 | 0.8434 |
| [?]Trend Index | [?]OB/OS Index |
| Slightly Bullish | Neutral |
| Data updated on Aug 11 at 08:30 (15-minute timeframe) |
[ View AUD/USD Technical Studies ]
