AUD/USD Price Analysis: Moves back closer to session tops, above mid-0.6100s
|- AUD/USD continued with its struggle to find acceptance above 0.6200 mark.
- The set-up warrants some caution before placing aggressive directional bets.
The AUD/USD pair managed to find some support ahead of the 0.6100 round-figure mark and has now recovered around 35 pips from the vicinity of 100-hour EMA.
Meanwhile, the pair's repeated failures to find acceptance above the 0.6200 mark now seemed to constitute towards the formation of a double-top pattern on hourly charts.
The bearish pattern will be confirmed only once key support is broken decisively, making it prudent to wait for some follow-through selling before placing fresh bearish bets.
Meanwhile, technical indicators on hourly charts maintained their bullish bias and have also recovered from the negative territory on the daily chart, further warranting some caution.
In the meantime, a sustained move above the 0.6200 mark will negate the bearish set-up and might be seen as a key trigger for bullish traders, setting the stage for additional gains.
On the flip side, a decisive break through the 0.6100 handle will confirm a bearish breakdown and set the stage for a slide back towards the key 0.60 psychological mark.
AUD/USD 1-hourly chart
Technical levels to watch
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.