Forex: AUD/USD faces 61.8% fib; likely to remain supported - Greg McKenna

FXstreet.com (Barcelona) - On the back of the RBA hold, the AUDUSD managed to conquer a key upside level above 1.0420, with new multi-month highs being printed at 1.0444, that is, the 61.8% fibonacci retracement from the 1.0625-1.0150 decline. The next volatile moves in the pair have now as catalyst the US presidential results.

According to Greg McKenna, Chief Executive at Lighthouse Securities, and next guest speaker of a special webinar on the AUD later today at 3GMT, "if the 61.8% fibo level can be breached then the AUD has some very serious resistance at 1.0555/65 a breach of which would signal a very large move to the topside up to the all time highs at least longer term." Overall, Greg thinks "the AUD remains well supported and is likely to remain so."