AUDUSD – bulls are consolidating ahead of final push trough 0.8124 target; rising 10 SMA to hold dips
The Aussie hit new high at 0.8118 on Thursday, in extension of previous day’s strong rally and took 0.8102 barrier (20 Sep spike high) which marks the last obstacle ahead of key resistance at 0.8124 (08 Sep peak).
Subsequent easing to 0.8062 signaled hesitation at key 0.8124 barrier, with consolidative action expected to precede final push higher for attack at 0.8124.
Bullish structure remains intact and favors further upside, with break above 0.8124 to open way for test of another significant barrier at 0.8161 (14 May 2015 high / 50% retracement of larger 0.9503/0.6826 fall).
Sideways-moving daily RSI (in overbought territory) and slow stochastic (holding under overbought zone boundary) support scenario of consolidation.
The downside attempts should be limited at 0.8000 zone (psychological support, reinforced by rising daily Tenkan-sen / 10SMA) to keep immediate bulls intact.
Conversely, break here could be initial signal of pullback.
Res: 0.8124; 0.8161; 0.8200; 0.8242
Sup: 0.8042; 0.8000; 0.7956; 0.7936