100% retracement on the Aussie

On the daily chart of the AUD/USD we can see that the pair has completed a 100% retracement or parabolic retracement as it is known and finds again the resistance level at the 0.8123 zone. The Australian Dollar had been falling versus the US Dollar from the 0.8123 level to the 0.7500 level, round number area that acted as a support. When the price of the pair changed direction to the upside, it found a temporary resistance just below the 200 day EMA (blue line) around the 0.7700 level. The pair accelerates its bullish momentum and breaks above the following round number levels until it reached the 0.8123 level. The 0.8123 level is not a round number area, but it has acted as a good resistance due to the fact that on that zone we can find the 200 month EMA. Therefore, it is possible for the AUD/USD to bounce to the downside from the 0.8123 level.