Since its deep fall towards the 0.7640 support level at the end of March, AUDUSD has been developing between the 38.2% Fibonacci retracement level of 0.7635 and the 23.6% Fibonacci mark of 0.7825. The Fibonacci levels are taken from the upleg of the last big upward movement in the weekly timeframe, with the low of 0.6820 and the high of 0.8135. Last week the pair snapped the four losing weekly sessions and posted a positive candle, while the 50-week simple moving average (SMA) recorded a bullish cross with the 200-week SMA, suggesting a buying interest. In the near-term, the moving averages are sloping to the upside ... (full story)