AUDUSD has seen quite the rally since the triple bottom that was carved out between March and April. The pair has gained an impressive 570 pips since putting in the multi-year low at .7530.
During yesterday’s session the bulls managed to close the pair 80 pips above the .8030 key level. This level can be seen acting as support in January and more recently acted as resistance in late April and early May.
From here we can begin watching for buying opportunities on a rotation back to .8030 as new support. This level not only represents a key handle for the pair but is also the 50% level of yesterday’s 180 pip move.
Summary: Watch for bullish price action on a retest of .8030 as new support. Key resistance comes in at .8160 and .8295.