Forex News: AUDUSD Bulls Struggle to Overcome 0.7440

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.

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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.

Source:
Daily Price Action
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