Bullish Momentum Extends for a Third Week
The AUDUSD moved higher for the third consecutive week, extending to its highest level since September 17th. This upside momentum began after the pair bottomed on November 21 near the high of a swing area between 0.6407 and 0.6424.
During this run, the pair successfully cleared a series of critical technical hurdles, including:
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The 200-day and 100-day Moving Averages.
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The 50% retracement level.
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The 61.8% retracement at 0.6597.
The Current Range: Resistance vs. Support
This week, the price extended above a swing area between 0.66247 and 0.6635, reaching a weekly high of 0.66845. However, buyers ran out of steam just short of the key September 17 targets at 0.6688 and 0.67064, causing the price to rotate lower.
The Retest:
The pullback took the price right back to the breakout zone between 0.66247 and 0.6635
