AUD/USD Analysis: back to familiar levels sub-0.6800

Valeria Bednarik FXStreet

AUD/USD Current Price: 0.6773

RBA’s Debelle scheduled to speak during the upcoming Asian session.
Sentiment led the way for the pair, amid the absence of relevant macroeconomic releases.
AUD/USD short-term neutral, bearish below 0.6735, sellers waiting at 0.6820.

The AUD/USD recovered from a daily low of 0.6689 to close the day with gains at 0.6775, having reached a fresh 3-day high during US trading hours. The Aussie traded solely on sentiment, plummeting at the beginning of the day as panic dominated the financial world. The mood changed with some optimistic comments from US President Trump, which kept Wall Street in the green though all the session. There were no macroeconomic releases in Australia this Monday, and the only event scheduled in the country this Tuesday is a speech from RBA’s Debelle.

AUD/USD short-term technical outlook

The AUD/USD pair is back trapped in the comfort zone established last week, unable to rally beyond the 0.6800 level. From a technical point of view, the pair is neutral according to the 4 hours chart, as it is developing just above its 20 and 100 SMA, both within a tight range and heading lower, while technical indicators have lost their strength upward after reaching their midlines. The pair needs to clear the 0.6820 resistance to have chances to extend its advance, while the downside remains protected by buyers aligned at around 0.6735.

Support levels: 0.6735 0.6700 0.6675

Resistance levels: 0.6790 0.6820 0.6860

View Live Chart for the AUD/USD

Author

Valeria Bednarik

FXStreet

Valeria Bednarik was born and lives in Buenos Aires, Argentina. Her passion for math and numbers pushed her into studying economics in her younger years.

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