AUDUSD – psychological 0.80 barrier is under strong pressure but no clear break so far
The Aussie dollar hit new high at 0.7998 on Tuesday (the highest since 21 Sep) but failed crack psychological 0.8000 barrier.
Subsequent pullback signals hesitation, as Tuesday’s action ended in Doji candle.
Daily RSI and slow stochastic are overbought and suggest bulls may hold in extended consolidation before eventually breaking through 0.8000 pivot.
Break higher is expected to trigger stops and accelerate towards next targets at 0.8035 and 0.8065.
Meanwhile, consolidative action is expected to hold above 0.7936 (Tuesday’s low) and prevent deeper pullback, which cannot be ruled out.
Close above cracked 0.7977 barrier (Fibo 76.4% of 0.8124/0.7499) is needed for initial bullish signal, with sustained break above 0.8000 pivot, to confirm bullish continuation.
Res: 0.8000; 0.8035; 0.8065; 0.8102
Sup: 0.7953; 0.7936; 0.7925; 0.7892