AUDUSD – bulls focus pivotal 0.7886/97 barriers after emerging above thick daily cloud
The Aussie dollar remains well supported and looks for extension strong rally in past three weeks.
Bulls pressure immediate barrier at 0.7859 (falling weekly 200SMA) which lies ahead of next pivotal resistances at 0.7886/0.7897 (Fibo 61.8% of 0.8124/0.7499 descend / 08 Oct lower top).
Techs remain in full bullish setup and favor further advance, however, bulls could be interrupted for extended consolidations under 0.7886/97 pivots with deeper dips not ruled out, as daily studies are strongly overbought.
Broken top of thick daily cloud marks initial support at 0.7816 (cracked on brief dip to 0.7805 today) which should ideally hold, with deeper dips expected to find support at 0.7777 (100SMA) and 0.7747 (rising daily Tenkan-sen) before bulls resume.
Res: 0.7844; 0.7859; 0.7886; 0.7897
Sup: 0.7816; 0.7805; 0.7777; 0.7747