AUD/USD Price Analysis: Attracts some buyers, 0.6500 appears a tough nut to crack for Aussie bears
|- AUD/USD trades near 0.6435, holds above the 50- and 100-hour EMAs.
- The immediate resistance level for AUD/USD is seen at the 0.6445-0.6455 zone; 0.6418 acts as an initial support level.
- Relative Strength Index (RSI) stands in bullish territory above 50.
The AUD/USD pair attracts some buyers and bounced off the 0.6420 area during the early European session on Thursday. The pair currently trades around 0.6438, gaining 0.25% on the day. The newest Australian employment data have little impact on the Aussie and investors await the US economic data for fresh impetus.
According to the one-hour chart, AUD/USD holds above the 50- and 100-hour Exponential Moving Averages (EMAs) indicating that the path of least resistance for the pair is to the upside.
The immediate resistance level for AUD/USD is seen near the upper boundary of the Bollinger Band and a high of September 13 at the 0.6445-0.6455 zone. Further north, the 0.6500-0.6505 regions appear a tough nut to crack for Aussie bears. The mentioned level represents the confluence of a psychological round mark and a high of August 14. Any meaningful follow-through buying above the latter could pave the way to 0.6522 (high of August 15) and 0.6570 (high of August 9).
On the downside, the 100-hour EMA at 0.6418 acts as an initial support level. The key contention is located at the 0.6400-0.6405 region, representing the lower limit of the Bollinger Band and a psychological round figure. A decisive breach of the latter will see the next stop at 0.6380 (low of August 25) and finally at 0.6365 (low of August 17).
In the meantime, the Relative Strength Index (RSI) stands in bullish territory above 50, challenging the pair’s immediate upside for the time being.
AUD/USD one-hour chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.