Short covering to continue in Aussie, see why? by Reece Marini

AUDUSD Weekly

AUW

The short covering is likely to continue for the Aussie with the 50 fib at 0.85430 attracting plenty of buying interest from the bulls.

AUDUSD H1

AU1

An indication that this market is to continue high was the inability of the bears to push the Aussie lower after attracting some decent selling on the AB=CD (Blue) resistance at 0.87330. Since finding solid buying interest on the major 50 fib this market has also respected a number of key fib levels on this recent run higher, however a solid break above the 61.8 fib at 0.87700 is still needed before any real move is to take place.

 

 

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