AUD/USD attempting a fresh move towards reclaiming 0.7700 handle

Haresh Menghani FXStreet

Having posted a session low near 0.7660 region, the AUD/USD pair regained traction and snapped two consecutive days of losing streak.

Currently trading around 0.7675-80 band, testing session peaks, positive sentiment surrounding commodity space, especially Copper, is seen supporting commodity-linked currencies - like the Aussie. Moreover, a subdued US Dollar price-action, amid thin liquidity conditions in wake of a holiday in the US, is lending additional support to the pair's recovery from session low.

Looking at the broader picture, the pair remains well supported near 0.7600 handle but has failed to sustain its move above 0.7700 mark. Hence, it would be prudent to wait for a decisive break through this broader trading range before determining the next leg of directional move.

Technical levels to watch

Immediate resistance is pegged near 0.7695-0.7700 region above which the pair is likely to immediately dart towards 0.7720-30 resistance area before attempting a move towards Nov. daily closing highs resistance near 0.7760 region. On the flip side, weakness back below 0.7670, leading to a subsequent weakness below session low support near 0.7660-55 region, is likely to drag the pair towards the lower end of recent trading range support near 0.7610 level.

1 Week
1 Month
1 Quarter

1 Week

Avg Forecast 0.7624

30% Bullish
70% Bearish
0% Sideways

Bias Bearish

1 Month

Avg Forecast 0.7495

7% Bullish
79% Bearish
14% Sideways

Bias Bearish

1 Quarter

Avg Forecast 0.7346

0% Bullish
89% Bearish
11% Sideways

Bias Bearish

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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