AUDUSD Outlook: Bulls May Take A Breather Before Attacking Strong Resistance At 0.7312

Technical analysis of Forex market

The Aussie dollar maintains firm bullish tone and rallies for the fifth straight day, to crack psychological 0.7300 barrier and hit new three-week high at 0.7304.

Bulls show signs of fatigue on approach to strong barriers at 0.7312 (Fibo 76.4% of 0.7381/0.7085, reinforced by falling 55SMA).

Overbought slow stochastic and momentum turning south, add to signals of consolidative / corrective action.

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Broken Fibo 61.8% barrier marks initial support at 0.7268, with deeper dips expected to find support above 30SMA (0.7241).

The pair is on track for strong bullish weekly close (the biggest weekly gains since the first week of July 2017) which confirms strong bullish stance.

Res: 0.7312, 0.7362, 0.7381, 0.7395
Sup: 0.7280, 0.7268, 0.7241, 0.7215