The Aussie dollar is holding bullish tone on Monday and retests Friday’s high at 0.7953 on renewed probe above the upper boundary of the triangle, formed on recent action.
Overall bullish structure is supportive for final break above pivots at 0.7962/67 (17 Aug recovery high / Fibo 61.8% of 0.8065/0.7807 corrective pullback) to confirm reversal from 0.7807 (15 Aug correction low).
Converged 10/20SMA’s are forming bull-cross at 0.7908 which would further underpin bulls for retest of psychological 0.8000 barrier.
Alternative scenario sees increasing downside risk on return below 0.7908, while break below 0.7864 (Thu/Fri lows) would shift near-term focus towards key support at 0.7807.
Res: 0.7962, 0.7967, 0.8000, 0.8042
Sup: 0.7925, 0.7908, 0.7889, 0.7864
