AUD/USD Price Analysis: Corrective pullback battles 200-HMA but bears stay hopeful
|- AUD/USD picks up bids to refresh intraday high, snaps two-day downtrend.
- 50% Fibonacci retracement, weekly support line restrict short-term downside.
- One-week-old horizontal area, 50-HMA add to the upside filters.
- Higher high on prices, RSI favors bulls to battle short-term resistances.
AUD/USD renews intraday high around 0.7090, up 0.20% on a day during early Monday morning in Europe.
In doing so, the Aussie pair portrays a corrective pullback beyond short-term key Fibonacci retracement levels while challenging the 200-HMA. Adding strength to the bullish is the higher low in the RSI line, as well as the AUD/USD prices.
It should be noted, however, that the 200-HMA level of 0.7095 guards the quote’s immediate upside.
Following that, a one-week-old horizontal area joins 50-HMA to challenge AUD/USD bulls around 0.7110, a break of which will confirm short-term bullish bias targeting 0.7170.
Meanwhile, pullback moves may initially test the 50% and 61.8% Fibonacci retracement levels of January 28 to February 03 upside, respectively at 0.7067 and 0.7043.
Also acting as a downside filter is an upward sloping trend line from February 01, near 0.7055.
Should the quote drops below 0.7043, the odds of its further south-run targeting the 0.7000 psychological magnet can’t be ruled out.
AUD/USD: Hourly chart
Trend: Pullback expecte
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.