AUDUSD – bulls eye key 0.80 resistance zone
The Australian dollar extends strong rebound from 0.7758 (09 Feb correction low) to crack 20SMA at 0.7959 and expose key barriers at 0.80 zone (psychological resistance / Fibo 61.8% of 0.8135/0.7758 pullback.
The Aussie regained ground quickly after dip to 0.7773 after stronger than expected US inflation as the greenback came under renewed pressure shortly after data release on buy the rumor sell the fact scenario.
Daily techs are nearly at full bullish setup but lacking momentum, which could result in hesitation ahead of 0.80 pivots.
Broken Fibo 38.2% barrier at 0.7902 is now reverted to solid support which should keep the downside protected, guarding pivotal 10SMA support at 0.7871.
Eventual break above 0.80 will be strong bullish signal for extension of recovery from 0.7758 which is underpinned by rising and thickening daily / weekly Ichimoku clouds.
Res: 0.7959; 0.7991; 0.8000; 0.8046
Sup: 0.7947; 0.7902; 0.7871; 0.7814