Though we have the fed minutes later on and not sure how market participants are going to react, here’s something for dollar bears who are banking heavily on the greenback weakness.
AudUsd Weekly Chart
We have had price fail to break the 0.77500 psych level for quiet some time until early July 2017. It was only last week where we saw price come retest the 0.77500 level at the role reversal.
AudUsd Daily Chart
Price has failed to make any higher high above the 0.80000 level after its bullish move from May 2017. Having had a bullish engulfing candle from yesterday, we might see price continue to push higher into the fib zone to make a lower high.
AudUsd H4 Chart
After opening at a key pivot level for buyers at WM2 at the beginning of the week, we have seen price consolidate after edging up higher between 0.78000 and 0.777, which also remains to be just under the trend line drawn from the past two weeks' high. A break above this trend line is what bulls would really like, as they will buy the pull back.
AudUsd H1 Chart
Having the bottom of the range as today's central pivot, and price coming off it, a break above DR1 (0.78000), which is also the top of the range, is what I would like to get for a buying opportunity at the role reversal.
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