AUDUSD – bulls accelerate further and look for test of Fibo 0.7977 and psychological 0.8000 barrier
The Aussie dollar advanced further on Monday, supported by broadly weaker US dollar and extended steep ascend from 0.7807 trough into fourth straight day.
Weekly chart shows the pair running in uninterrupted rally from 0.7500 higher base, which completed five straight weeks in green.
Fresh bullish acceleration pressures immediate target at 0.7977 (Fibo 76.4% of 0.8124/0.7500 descend), signaling attack at psychological 0.8000 barrier.
Bullish studies support further upside, however, bulls might be interrupted as daily indicators are strongly overbought.
Hesitation at pivotal 0.8000 barrier could be likely scenario, with corrective dips expected to find support above rising 10SMA which tracks the rally since mid-Dec and currently lies at 0.7865.
Res: 0.7977; 0.8000; 0.8035; 0.8102
Sup: 0.7940; 0.7900; 0.7865; 0.7847