AUD/USD Price Analysis: A possible bullish divergence on daily chart


  • AUD/USD trims a part of its intraday recovery gains.
  • The set-up suggests a bottom might already in place.

The AUD/USD pair failed to capitalize on its intraday positive move beyond the 0.6900 handle and has now retreated around 20-25 pips from daily tops.

The pair's inability to register any meaningful recovery from over a decade low suggests that the near-term bearish pressure might still be far from over.

However, RSI on the daily chart has been diverging negatively against the price and indicate that the pair might have already bottomed out in the near-term.

A sustained move back above the 0.6770-75 supply zone will reinforce the bullish reversal set-up and set the stage for a further near-term appreciating move.

On the flip side, multi-year lows, around the 0.6660 region, might continue to protect the immediate downside, which if broken might negate the positive outlook.

Below the mentioned support, the pair might turn vulnerable to accelerate the fall further towards challenging the 0.6600 round-figure mark in the near-term.

AUD/USD daily chart

fxsoriginal

AUD/USD

Overview
Today last price 0.6694
Today Daily Change 0.0017
Today Daily Change % 0.25
Today daily open 0.6677
 
Trends
Daily SMA20 0.6799
Daily SMA50 0.6859
Daily SMA100 0.6832
Daily SMA200 0.6863
 
Levels
Previous Daily High 0.6746
Previous Daily Low 0.6662
Previous Weekly High 0.6775
Previous Weekly Low 0.6662
Previous Monthly High 0.704
Previous Monthly Low 0.6682
Daily Fibonacci 38.2% 0.6694
Daily Fibonacci 61.8% 0.6714
Daily Pivot Point S1 0.6644
Daily Pivot Point S2 0.6611
Daily Pivot Point S3 0.656
Daily Pivot Point R1 0.6728
Daily Pivot Point R2 0.6779
Daily Pivot Point R3 0.6812

 

 

Share: Feed news

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. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended content

Editors’ Picks

USD/JPY pops and drops on BoJ's expected hold

USD/JPY pops and drops on BoJ's expected hold

USD/JPY reverses a knee-jerk spike to 142.80 and returns to the red below 142.50 after the Bank of Japan announced on Friday that it maintained the short-term rate target in the range of 0.15%-0.25%, as widely expected. Governor Ueda's press conference is next in focus.  

USD/JPY News
AUD/USD bears attack 0.6800 amid PBOC's status-quo, cautious mood

AUD/USD bears attack 0.6800 amid PBOC's status-quo, cautious mood

AUD/USD attacks 0.6800 in Friday's Asian trading, extending its gradual retreat after the PBOC unexpectedly left mortgage lending rates unchanged in September. A cautious market mood also adds to the weight on the Aussie. Fedspeak eyed. 

AUD/USD News
Gold consolidates near record high, bullish potential seems intact

Gold consolidates near record high, bullish potential seems intact

Gold price regained positive traction on Thursday and rallied back closer to the all-time peak touched the previous day in reaction to the Federal Reserve's decision to start the policy easing cycle with an oversized rate cut.

Gold News
Ethereum rallies over 6% following decision to split Pectra upgrade into two phases

Ethereum rallies over 6% following decision to split Pectra upgrade into two phases

In its Consensus Layer Call on Thursday, Ethereum developers decided to split the upcoming Pectra upgrade into two batches. The decision follows concerns about potential risks in shipping the previously approved series of Ethereum improvement proposals.

Read more
Bank of Japan set to keep rates on hold after July’s hike shocked markets

Bank of Japan set to keep rates on hold after July’s hike shocked markets

The Bank of Japan is expected to keep its short-term interest rate target between 0.15% and 0.25% on Friday, following the conclusion of its two-day monetary policy review. The decision is set to be announced during the early Asian session. 

Read more
Moneta Markets review 2024: All you need to know

Moneta Markets review 2024: All you need to know

VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.

Read More

Forex MAJORS

Cryptocurrencies

Signatures