AUD/USD Price Analysis: Keeps pullback from 10/21-day SMA confluence
|- AUD/USD defies Friday’s halt to five-day winning streak while refreshing the intraday high.
- Bearish MACD fails to disappoint buyers cheering a sustained move beyond short-term SMAs.
- Monthly resistance line on bulls’ radars, sellers can aim for the key Fibonacci retracements before the monthly low.
AUD/USD rises to 0.7310, up 0.28% intraday, during early Monday’s trading. The aussie pair recently refreshed the intraday high to 0.7314 while carrying its U-turn from the 10-day and 21-day SMA confluence. In doing so, the quote ignores bearish MACD while also parting ways from Friday’s downbeat performance.
Considering the pullback from the key SMA joint, AUD/USD prices may attack the falling trend line from September 01, at 0.7327 now, during the further recoveries.
However, the pair’s upside past-0.7327 becomes doubtful, which if happen needs to cross last week’s top near 0.7350 before directing the bulls towards the August 31 top close to 0.7415.
Meanwhile, a daily closing below 0.7285/80 support confluence will attack 50% and 61.8% Fibonacci retracements of AUD/USD upside marked in August, respectively around 0.7245 and 0.7205.
In a case where the bears dominate past-0.7205, the monthly bottom near 0.7190 will be the key to watch.
AUD/USD daily chart
Trend: Further recovery expected
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.