AUDUSD – Bounced from its support as predicted, Upward trend picking steam

Focus: The AUDUSD needs to break its resistance of 0.9633 zone to confirm its upward trend, and a break of this resistance zone will open the floor towards the next target of the 0.9850 zone.

The AUDUSD pair bounced from its support on a daily time as predicted. The support zone was given in our analysis on 6th of August. Interestingly enough, the Fibonacci has shown its power over the past few days when the uptrend was stopped when the price reached exactly at the 38.2 retracement level. The trend changed its direction once again, call it the call of the RBA (Royal Bank of Australia), exactly from the 23.6 retracement level of Fibonacci.

The 50 day moving average which is shown in the green colour has also turned its direction to the upside and it is about the cross the 100 day (shown in yellow) moving average which is a confirmation that the uptrend could pick up further steam.

However, the RSI indicator is trading in line with the price and below its trend line, and as long as it trades below its trend line we may the price retrace back to purple upward trend line before it continues its upward move