TechnoMeter

The Australian Dollar has struggled to build upside momentum against its US counterpart since bouncing from rising trend support set from May/June lows. Prices seemingly completed a bullish Flag continuation pattern but have been unable even to retest the prior swing high, much less to overcome it.



Resistance is at 0.7979, the 23.6% Fibonacci expansion, with break above that on a daily closing basis opening the door to challenge the 0.8066-87 area (July 27 high, 38.2% level). Alternatively, a turn below trend line support, now at 0.7859, exposes the 0.7784-0.7805 zone (38.2% Fib retracement, August 15 low) anew.

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