AUD/USD Price Analysis: Aussie bulls brace for bumpy ride below 0.6685-90 key hurdle

AUD/USD picks up bids to refresh intraday high, challenges one-week-old bearish channel.
Bullish MACD signals, upbeat RSI (14) suggests further grinding of prices towards the north.
Convergence of 100-SMA, 200-SMA prods the Aussie pair buyers.

Anil Panchal FXStreet

AUD/USD renews intraday high near 0.6665 amid early Monday in Asia. In doing so, the Aussie pair buyers challenge a one-week-old descending trend channel.

That said, bullish MACD signals join the upward-sloping RSI (14) line to keep the AUD/USD buyers hopeful.

With this, the Aussie pair aims to cross the top line of the aforementioned bearish channel, close to 0.6670 by the press time.

Even so, a convergence of the 100-SMA and 200-SMA, around 0.6685-90, appears a tough nut to crack for the AUD/USD bulls to crack before taking control.

In a case where the Aussie bulls dominate past 0.6690, they need validation from the 0.6700 round figure ahead of targeting the monthly high of around 0.6820.

On the flip side, pullback moves may aim for the 0.6600 round figure before testing the aforementioned channel’s lower line, close to 0.6590 at the latest.

Following that, April’s low around 0.6570 and the yearly low marked in March near 0.6565 will be in the spotlight.

Overall, AUDUSD is likely to recover but the road towards the north appears long and bumpy.

AUD/USD: Four-hour chart

Trend: Limited upside expected

Additional important levels

Overview
Today last price	0.6663
Today Daily Change	0.0011
Today Daily Change %	0.17%
Today daily open	0.6652

Trends
Daily SMA20	0.6677
Daily SMA50	0.6687
Daily SMA100	0.6786
Daily SMA200	0.6714

Levels
Previous Daily High	0.6675
Previous Daily Low	0.6617
Previous Weekly High	0.671
Previous Weekly Low	0.6605
Previous Monthly High	0.6806
Previous Monthly Low	0.6574
Daily Fibonacci 38.2%	0.6653
Daily Fibonacci 61.8%	0.6639
Daily Pivot Point S1	0.6621
Daily Pivot Point S2	0.6589
Daily Pivot Point S3	0.6562
Daily Pivot Point R1	0.6679
Daily Pivot Point R2	0.6706
Daily Pivot Point R3	0.6737

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.

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

Editor's Picks

EUR/USD drops to daily lows near 1.1630

EUR/USD now loses some traction and slips back to the area of daily lows around 1.1630 on the back of a mild bounce in the US Dollar. Fresh US data, including the September PCE inflation numbers and the latest read on December consumer sentiment, didn’t really move the needle, so the pair is still on course to finish the week with a respectable gain.

GBP/USD trims gains, recedes toward 1.3320

GBP/USD is struggling to keep its daily advance, coming under fresh pressure and retreating to the 1.3320 zone following a mild bullish attempt in the Greenback. Even though US consumer sentiment surprised to the upside, the US Dollar isn’t getting much love, as traders are far more interested in what the Fed will say next week.

Gold makes a U-turn, back to $4,200

Gold is now losing the grip and receding to the key $4,200 region per troy ounce following some signs of life in the Greenback and a marked bounce in US Treasury yields across the board. The positive outlook for the precious metal, however, remains underpinned by steady bets for extra easing by the Fed.