AUD/USD extends pullback from clean 36-month excessive whilst declining to 0.7915 beforehand of Wednesday’s European session. In doing so, the quote respects overbought RSI stipulations and Doji candlestick formation flashed the preceding day.
As a result, counter-trend merchants eye similarly consolidation of the ultra-modern positive aspects toward 0.7815-20 horizontal area, comprising highs marked in early 2018 and at some point of the final month.
However, any in addition weak spot will be challenged through a 10-day SMA and a three-week-old ascending fashion line, respectively round 0.7820 and 0.7800.
Meanwhile, bulls want to reject the downtrend suggesting candlestick formation by means of a every day closing above 0.7940 to preserve the reins.
Following that, February 2018 top surrounding 0.7990 can check the run-up concentrated on the 0.8000 threshold.
To sum up, AUD/USD is up for a quick pullback earlier than marking in addition upside.