AUDUSD – near-term focus turns higher after shallow dip; 0.8038 high is key
The Aussie dollar holds firm footing and returned above 0.80 handle after dipping to 0.7978 in Asia.
Reversal signal that was generated on strong upside rejection at 0.8035 on Friday which left Gravestone Doji candle, is fading on fresh bullish acceleration today.
Break and close above 0.8035 high is needed to neutralize existing bearish threats and open way for fresh extension of steep uptrend from 0.7500 trough towards key barrier at 0.8124 (08 Sep peak).
Session low at 0.7978 marks initial support ahead of pivotal point at 0.7940 (higher base, reinforced by rising 10SMA), loss of which would generate stronger bearish signal.
Res: 0.8038; 0.8065; 0.8102; 0.8124
Sup: 0.7978; 0.7940; 0.7923; 0.7900