AUD/USD Price Analysis: All set to challenge monthly top near 0.6800

AUD/USD picks up bids to refresh weekly high during three-day uptrend.
A successful break of 50-SMA, one-week-old descending trend line favor buyers.
Monthly support line, 61.8% Fibonacci Expansion level act as additional trading filters.

Anil Panchal FXStreet

AUD/USD takes the bids to renew weekly top around 0.6755 during early Thursday as buyers cheer a three-day uptrend.

In doing so, the Aussie pair cheers the previous day’s upside break of the 50-SMA and a downward-sloping trend line from November 17, respectively near 0.6690 and 0.6620.

Also keeping the pair buyers hopeful is the sustained trading beyond the previous resistance line from late October, as well as the 200-SMA, amid the bullish MACD signals.

That said, the AUD/USD buyers are well-positioned to challenge the monthly high of 0.6792 with eyes on 0.6800.

Following that, the 61.8% Fibonacci Expansion (FE) level surrounding 0.6840 could entertain the bulls before directing them to September’s peak of 0.6916.

Meanwhile, AUD/USD pullback remains elusive unless the quote provides a decisive break below the 50-SMA and the previous resistance line, close to 0.6690 and 0.6620 in that order.

Even so, a one-month-old ascending trend line near 0.6585 can challenge the AUD/USD bears.

In a case where the quote remains bearish past 0.6585, the odds of witnessing a south-run towards the 200-SMA level of 0.6455 can’t be ruled out.

AUD/USD: Four-hour chart

Trend: Further upside expected

Additional important levels

Overview
Today last price	0.675
Today Daily Change	0.0011
Today Daily Change %	0.16%
Today daily open	0.6739

Trends
Daily SMA20	0.6553
Daily SMA50	0.6487
Daily SMA100	0.6691
Daily SMA200	0.694

Levels
Previous Daily High	0.6739
Previous Daily Low	0.6634
Previous Weekly High	0.6798
Previous Weekly Low	0.6634
Previous Monthly High	0.6548
Previous Monthly Low	0.617
Daily Fibonacci 38.2%	0.6699
Daily Fibonacci 61.8%	0.6674
Daily Pivot Point S1	0.6669
Daily Pivot Point S2	0.6599
Daily Pivot Point S3	0.6565
Daily Pivot Point R1	0.6774
Daily Pivot Point R2	0.6808
Daily Pivot Point R3	0.6878

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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