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AUDUSD consolidates yesterday's strong rally; focus remains at the upside

Discussion in 'Technical Analysis' started by FXStreet_Team, Feb 18, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    EURUSD Near-term structure remains weak, as the pair posted marginally lower low at 1.1105 yesterday, with another red daily candle with long upper shadow, which confirms persisting downside pressure. However, the pair was so far unable to close below pivotal 1.1120 support, Fibonacci 38.2% of 1.0709/1.1374 rally, despite probes below support. Extended congestion would be likely near-term scenario, while 1.1120/00 support zone holds, as daily studies are bullish, with 20/200SMA’s Golden Cross

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