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Technical Analysis: Bullish pennant on H4 makes AUDUSD buyers hopeful

Repeated failures to cross 61.8% Fibonacci retracement falls short of portraying the AUDUSD pair's weakness as a bullish pennant formation on H4 keeps buyers hopeful. In doing so, a sustained break of pattern resistance around 0.6845 will trigger fresh run-up to 61.8% Fibonacci retracement level of 0.6860 whereas 0.6900, 0.6915 and October top near 0.6930 will lure bulls afterward.

Alternatively, pair's declines below formation support of 0.6825 will negative the bullish pattern, which in turn can divert sellers to 23.6% Fibonacci retracement level of 0.6790. Further, 0.6770 and monthly bottom near 0.6750 will flash on bears' watch-list below 23.6% Fibonacci retracement.

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