AUD/USD outlook: Holds near one-month low ahead of Australian labor report release

Slobodan Drvenica Windsor Brokers

AUD/USD

AUDUSD came under increased pressure in past few sessions with fresh acceleration lower on Wednesday, pushing the price to one month low (0.6668).

Break through 100DMA (0.6693) and penetration of rising thick daily Ichimoku cloud (spanned between 0.6690 and 0.6586) is bearish signal which needs close below these level to be confirmed and open way for test of next target at 0.6645 (50% retracement of 0.6348/0.6942 / weekly Kijun-sen) and 0.6926 (200DMA).

Bear-cross of daily Tenkan/Kijun-sen and strong bearish momentum contribute to negative near-term outlook.

Several barriers (0.6693; 0.6715; 0.6723 – 100DMA / broken Fibo 38.2% / 55DMA respectively) should cap upticks and guard upper pivot at 0.6760 (daily Tenkan-sen).

Markets await release of Australia’s September labor report (due in early hours of Asian session on Thursday) for fresh signals.

Res: 0.6693; 0.6715; 0.6726; 0.6760.
Sup: 0.6645; 0.6626; 0.6586; 0.6575.

Interested in AUD/USD technicals? Check out the key levels

1. R3 0.676
2. R2 0.6746
3. R1 0.6725
PP 0.6712
1. S1 0.669
2. S2 0.6677
3. S3 0.6655

Author

Slobodan Drvenica

Windsor Brokers

Industry veteran with over 22 years’ experience, Slobodan Drvenica joined Windsor Brokers in 1995 when he was an active trader for more than 10 years, managing the trading desk and own account departments.

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