AUDUSD looks intent on cracking 0.7500 but can it?
We had attempt on Monday which topped out just short of 0.7490 and we're having another go today. The 15 minute chart looks very interesting as it shows where the sellers from Monday's high parked their protection of those sales yesterday.
AUDUSD 15m chart
Well, the buyers are back again and they are trying to push up to 0.7500 once more. This time they look like mounting a strong attack.
The 0.7500 level is pretty big so the bulls have got their work cut out.
AUDUSD daily chart
Not only was it a strong support point back in July last year, it's the 50.0 fib of the fall from 0.8162 last year also. Should we break, there might be enough power in the tank to see a quick move to 0.7600. There are a couple of levels that may stand in the way at 0.7530/35 and 0.7545/55 and a stronger one at 0.7590.
Support is pretty clear at 0.7410, being protection of 0.7400, and 0.7470 is where this pop is trying to build support too.
An interesting battle indeed and if 0.7500 fails again, we could be seeing 0.7400 or worse pretty swiftly.
