AUD/USD is trading in the 0.6610s on Friday after pulling back from resistance at the 0.6624 barrier.
AUD/USD is consolidating after reversing its short-term trend and beginning a new uptrend. A break above 0.6624 would confirm more upside for the pair. AUD/USD may have formed a Measured Move with a final target at around 0.6690.
681 of A. Wave C has already reached the Fibonacci 0.681 target of the Measured Move at the May 3 highs, however, there is a chance it could go all the way to the second target where C=A at 0.6690. The Moving Average Convergence Divergence momentum indicator has crossed above its signal line, giving a buy signal. The MACD has also started printing green histogram bars, further adding to the weight of bullish evidence.
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