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AUDUSD: Found some resistance

Since the beginning of the year the currency pair gained 10.0% however last week ended with a loss over 0.5% but remains in a bullish phase since early June.

Last week the AUDUSD fell with a narrow range and closed near the low of the week, in addition closed within the previous week range, which suggests being slightly on the bearish side of neutral.

The narrow range, narrow spread weekly candle with below average volume does not display any evidence of an anomaly or even a reversal.

The stochastic is showing an overbought market and is starting to display a weak bearish momentum.

Expecting a downward move to a weekly support at 0.7734 on a break below 2016 high at 0.7834 (scenario 1) but a bounce from a Fibonacci retracement at 0.7853 may trigger another push upward to 2017 high at 0.8065 (scenario 2).