The AUD/USD rallied from 1.0145 to 1.0377 this week, following through a bullish break of a triangle that is seen in the 4H and daily chart. There was a strong throwback after the ECB meeting, but so far this correction to the rally has respected the bullish momentum established this week. (The RSI stayed above 40, and even 50, after tagging 70.) A return of the RSI above 60 suggests bullish continuation. The retracement was rejected at 38.2% (of the 1.0145-1.0377 swing) and remains above the 200 hour simple moving average.
The 15-min chart below shows the fibonacci retracement of today’s downswing. A break above 61.8% at 1.0344 would be an indication of bullish continuation along with this RSI at least pushing above 60.
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