AUD/USD Close to Resistance

Take note of the above AUD/USD Daily analysis, we could now see a potential retracement from today's price action. A retracement would allow a new higher low, which is an area where you would want to be looking to buy this pair.

If the AUD bulls keep buying we could see a move to the upside with first potential target at 0.79 which would make a double top. This could be a good opportunity to go short with a close stop. If that level is taken out, the pair could continue climbing to next target at 0.80 and then 0.8120 as a third and major resistance.

On the other hand, a bearish move could drive price down to 0.75 as major support zone.

This week is not very heavy on the fundamental side and we could see a steady and organic progress towards one of the levels.

Chart: AUD/USD D1