We’ve discussed the AUDUSD a few times in recent weeks. Just this past weekend I noted how the pair appeared to have closed Friday below the 61.8% Fibonacci retracement from the December 2016 low to the current 2017 high.
However, it was unclear at the time whether or not sellers maintained control into the weekend.
Despite the bearish rejection candle on Friday, the key level in question was too ambiguous to justify a position.
It’s a good thing we waited. Buyers have now taken out the May 12th high after the pair gapped up to start the new week.
Daily Price Action
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