AUD/USD Outlook: Aussie Regained Traction And Rallies But Still Short Of Key Barriers

Technical analysis of Forex market

The Aussie dollar advances strongly on Friday and looks for retest of Wed/Thu highs (0.7175/71), following bumpy ride in past two days when the pair advanced 0.66% and the fell in the same percentage the next day.

Bulls stayed short of key barriers at 0.7183/96 (Fibo 61.8% of 0.7295/0.7003 / 200SMA) despite bullish techs.

Repeated rejection ahead of these barriers would soften the tone and risk fresh weakness, as daily cloud narrows and will twist next Friday that could be magnetic for the price.

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Sustained break above 0.7200 zone would signal continuation of recovery from 0.7000 base and expose targets at 0.7226 (Fibo 76.4%) and high of 6 Feb before 1.8% daily fall).

Broken 100SMA offers initial support at 0.7141, guarding more significant 0.7120 support (base of three-day congestion, reinforced by 55SMA).

Res: 0.7175, 0.7183, 0.7196, 0.7226
Sup: 0.7141, 0.7120, 0.7110, 0.7095

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